Thank you for standing by, and Welcome to the Synaptics Third Quarter Fiscal Year 2021 Conference Call. At this time, all participants are in listen-only mode. On today's call, there will be a question and answer session. [To ask a question during the session, you will need to press star one on your telephone keypad. If you require further assistance, please press zero] Thank you. I would like to hand the conference over to Jason Tsai. You may begin. Thank you. Good afternoon for joining us today on Synaptics' third quarter fiscal 2021 conference call. My name is Jason Tsai. I am the Head of Investor Relations. With me on today's call are Michael Hurlston, our President and CEO, and Dean Butler, our CFO. This call is also being broadcast live over the web and can be accessed from the investor relations section of the company's website at synaptics.com. In addition to a supplemental slide presentation, we have also posted a copy of these prepared remarks on our investor relations website. The supplementary slides have also been furnished as an exhibit to our current report on Form 8-K filed with the SEC earlier today and add additional color to our financial results. In addition to the company's GAAP results, management will also provide supplementary results on a non-GAAP basis, which excludes share-based compensation, acquisition-related costs, and certain other non-cash or recurring or non-recurring items. Please refer to the press release issued after market close today for a detailed reconciliation of GAAP and non-GAAP results. Additionally, we would like to remind you that during the course of this conference call, Synaptics will make forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business, including our expectations regarding the potential impacts on our business of the COVID-19 pandemic. Although Synaptics believes our estimates and assumptions to be reasonable, they are subject to a number of risks and uncertainties beyond our control and may prove to be inaccurate. Synaptics cautions that actual results may differ materially from any future performance suggested in the company's forward-looking statements. We refer you to the company's current and periodic reports filed with the SEC, including the Synaptics Form 10-K for the fiscal year ended June 27th, 2020, for important risk factors that could cause actual results to differ materially from those contained in any forward-looking statement. Synaptics expressly disclaims any obligation to update this forward-looking information. I will now turn the call over to Michael. Thanks, Jason, and welcome to today's call. We had a strong start to 2021, and I'm pleased with our execution this quarter. Revenue was in line with our guidance, and our continuing efforts to drive IoT growth led to better than normal revenue seasonality. With IoT now established as our largest product group, profitability remains strong and contributed to another record quarter for non-GAAP gross margins. Coupled with disciplined spending, our non-GAAP net income and EPS results were at the high end of our guidance range. Since Dean and I joined Synaptics a year and a half ago, we have made meaningful strides in improving the financial foundation of the company. Our non-GAAP gross margins and operating margins have increased significantly as we shifted our focus and investments toward higher margin products. Additionally, we've built a strong backlog of new design wins across all our product areas. We've been able to capture new customers in our existing footprint and expand into adjacent markets, setting us up for future revenue growth. Our profitability has never been better, and with our strong balance sheet, we are well positioned to pursue growth aggressively, both organically and inorganically. Now let me update you on our business. In IoT, we continue to aggressively expand and diversify our customer base and end markets across all our product lines. With our strong backlog and design win momentum, we are increasingly confident that we can outpace the 10%-15% industry growth rate. Despite the ongoing impact of supply constraints, we have outsized customer traction that enables us to deliver strong, sustainable revenue growth. Let me share some highlights from our IoT portfolio this quarter. Our wireless connectivity solutions continue to scale quickly as many of the new design wins we have secured over the past nine months in home automation, streaming devices, and smartwatches are beginning to ramp to production. We are on track this quarter to double the quarterly revenue run rate for these products from when we closed the acquisition in July of last year, significantly exceeding our expectations. We are confident that the trajectory continues as we begin to market the innovative roadmap products developed for us by Broadcom. Our video interface products continue to outperform as demand for our docking stations remains strong. As companies begin returning to the office, many will be shifting to a hybrid model where office hoteling becomes more important, facilitating reduced corporate real estate needs. Our universal docking solutions from DisplayLink solve many of the problems that can arise in hoteling, and as a result, we have seen strong demand. Our traditional one-to-one docks are also selling well, tied largely to the surge in PC unit sales. New for us is our entry into the protocol adapter and portable docking markets. Cayenne, a chip we announced nearly a year ago, is seeing tremendous traction, opening up a whole new opportunity within the market. Several products featuring Cayenne are already shipping in retail. We plan to develop products for lower-end, higher-volume applications in order to extend our video interface franchise. Our HSSC wins with our two Korean service providers are expected to start production this quarter. We expect an additional four set-top box designs to enter production before the end of this year. Finally, in automotive, we expect additional cars with our TDDI solutions will be on the road from a number of OEMs in the U.S., Europe, and China as the new model year begins production in the fall. Now let me turn to our PC products. This was another record quarter as we performed significantly better than our typical seasonality. We continue to benefit from the ongoing strength in the broader PC market, but are also winning new designs, particularly in Chromebooks. We started shipping to our first Chromebook customer last quarter and have followed that with new wins at two of the top 3 PC OEMs that are expected to be in production later this year. Our ability to take cost out of these products enables us to compete and grow share in our core touchpad and fingerprint markets at reasonable margins. Meanwhile, we continue to look for opportunities to expand ASPs with more complex large touchpad designs and innovative keypad fingerprint solutions. [Finally,] let me give you an update on our mobile products. Our focus on delivering best-in-class touch solutions for the flexible OLED market continues to result in design wins. We are now ramping our second-generation controller to high-volume production, thereby extending our performance lead. Those technical advantages have led to meaningful diversification for our mobile products, including our second win with a large Korean handset OEM for an upcoming mid-range phone. We continue to win the significant majority of the new flagship class designs for OLED Touch with Chinese handset OEMs. Our two wins with the Korean OEM will begin shipping this quarter, while the additional wins with the Chinese OEMs will ramp throughout this year and into next calendar year. Overall, I'm extremely happy with the start to 2021. Not only are we winning repeat business, but we are beginning to take share from our competitors and are finding new markets to sell into. Due to our solid gross margins, for the first time, we can take the offensive in the market and aggressively drive revenue. We will continue to practice the discipline that has carried the company for the last six quarters, but we'll have a renewed focus on design wins and top-line growth. Now let me turn this call over to Dean to review our third-quarter financials and provide our outlook. Thanks, Michael. Good afternoon to everyone. I'll start with a review of our financial results for our recently completed quarter, then provide our outlook for our fiscal Q4. Revenue for the March quarter was $326 million, slightly above the midpoint of our guidance. Revenue was down 9% sequentially, performed better than typical seasonality, reflecting the increased diversification of our business and end markets. During the quarter, we had two customers above 10% of revenue at 13% and 11%. IoT continues to be our largest product group, accounting for 45% of revenue in the quarter, while PC accounted for 30% and mobile accounting for 25%. Our IoT revenue was down 6% sequentially and up 101% compared with the year-ago quarter, as we benefited from the two new acquisitions that we made last year and as new design wins continue to ramp up across our IoT portfolio. This was another record quarter for our PC products, with revenue up 8% sequentially to $98 million and up 25% year-over-year, as work from home and now return to the office demand continues to drive strong PC sales globally. Revenue from our mobile products was down 27% sequentially due to seasonality and down 54% year-over-year. For the March quarter, our GAAP gross margin was 47.7%, which includes $18.9 million of intangible asset amortization, $4.3 million in acquisition-related inventory step-up charges, and $800,000 of share-based compensation costs. GAAP operating expenses in the March quarter were $123.9 million, which includes share-based compensation of $24.3 million, acquisition and integration related costs of $8.7 million, consisting of intangibles amortization of prepaid development costs of $2.5 million, and restructuring related costs of $1 million. Our GAAP tax expense was $10.4 million for the quarter. In the March quarter, we had GAAP net income of $13.8 million or GAAP net income of $0.35 per share. Turning to our non-GAAP results. Our March quarter non-GAAP gross margin of 55.1% was a record for the company. Above the high end of our guidance range, reflecting a stronger than expected product mix toward IoT during the quarter. March quarter non-GAAP operating expenses were in line with the midpoint of our guidance at $87.4 million, down $2.5 million from the preceding quarter. Our non-GAAP tax expense was $12 million for the quarter. We had a non-GAAP net income and EPS for the March quarter of $79.3 million and $2.03 per diluted share, respectively, as our focus on profitable growth continues to drive positive earnings for our shareholders. Turning to our balance sheet. We ended the quarter with $756 million of cash on hand, an increase of $439 million from the cash and short-term investment balance of the preceding quarter. Driven by the issuance of $400 million of debt and a company record of $136 million of cash generated from operations during the quarter, offset by the payoff during the quarter of $100 million that was previously outstanding under our revolver. Receivables at the end of March were $234 million, and days of sales outstanding was 65 days. Our days of inventory was 42, slightly up from last quarter, and ending inventories were $69 million. Inventory remains low relative to historic levels and below our desired level due to continued supply chain constraints. Capital expenditures for the quarter were $3.3 million, and depreciation was $5.3 million. Now turning to our outlook for the fourth quarter. We anticipate the revenue for the June quarter to be in the range of $310 million-$340 million. Similar to last quarter, our backlog at the start of the quarter was more than 100% of our guidance range, as everyone in the semiconductor industry continues to weather the supply chain constraints that limit our ability to service our customers' full demand. We expect our revenue mix from IoT, PC, and mobile products in the June quarter to be approximately 49% to grow sequentially, while PC is expected to decline due to anticipated component shortages at these customers. I will now provide GAAP outlook for our June quarter and follow with non-GAAP outlook. We expect our GAAP gross margin to be in the range of 50%-52%. We expect our GAAP operating expenses in the June to be in the range of $121 million-$125 million, which includes acquisition-related charges for intangibles and prepaid development costs amortization, stock-based compensation, and restructuring costs. We expect our Q4 year-to-date GAAP tax rate to be approximately 18%-20%. Finally, we expect our GAAP net income per share for the fourth quarter to be in the range of $0.45-$0.75. Now for the non-GAAP outlook for our June quarter. We expect our non-GAAP gross margin in the June quarter to increase, to be between 55.5%-57.5%, as we anticipate benefiting from an unusually favorable product mix that is not sustainable. As Michael indicated in his remarks, we are turning our focus toward driving growth going forward while targeting our gross margins to remain near the current level of 55% in the near term. We remain committed to sustainably achieving the financial targets we provided last quarter on a longer-term basis. We expect our non-GAAP operating expenses in the June quarter to remain relatively flat to the third quarter and be in the range of $86 million-$89 million. We expect our non-GAAP net interest expense to be approximately $5 million in the June quarter. As a reminder, we issued $400 million of 4% fixed coupon debt in March, which will result in $4 million of quarterly cash-based interest expense in addition to the interest expense from our existing $525 million convertible notes. We expect our long-term non-GAAP tax rate for fiscal 2021 to continue to be in the range of 11%-13%. Non-GAAP net income per diluted share for the June quarter is anticipated to be in the range of $1.85-$2.15 per share on an estimated 40 million dilutive shares for Q4, reflecting the anticipated impact of a higher share price used to determine shares potentially issuable related to our outstanding convertible notes. This wraps up our prepared remarks. I'd like to now turn the call over to the operator to start the Q&A session. Operator? Thank you. As a reminder, if you would like to ask a question, you may press star one on your telephone keypad. To withdraw your question, press the pound key. We'll pause for just a moment to compile the Q&A roster. Our first question comes from the line of Christopher Rolland. Your line is now open. Thanks for the question. I guess, first, gross margin, is this the new run rate we should think about here? Perhaps remind us gross margins by segment, and how they differ so that we can kind of understand what this new trajectory could potentially be. Thanks. Yeah. Good question, Chris. Like I alluded to in my remarks, what we think is the sustainable run rate business, now and sort of in the near term, is similar to our Q3 results around this 55% level. Gross margins in the quarter continue to do well. It's really related to mix. Mix continues to be favorable for us. As you know, we've been hard at work for the last couple of years on new products and new design wins and taking costs out of our supply chain where we can. All that is really culminating into the growth and the gross margins that we've seen over the course of the last seven or eight quarters. As far as how does gross margin break down between the different revenue product groups, we don't break that out and provide that guidance. IoT tends to be higher and PC tends to be lower and mobile sort of in the middle of the two. Thank you, Dean. Following up, I know you guys have previously talked about 8% to 10% kind of growth longer term. Is that something maybe that we could see next year? Particularly as mobile was a little bit softer here in March, would it be your expectation for that to come back and kind of layer in on top of some of the progress you've made here in IoT and PC? Yeah, I think, Chris, we feel good about the 8%-10% growth that Dean put out in the last call. I think our constraint certainly in the next few quarters is going to be supply. We're going to be limited by what we can do on the supply chain. As I said in my comments, right now we feel like we're doing really well in the market in our core areas. We're executing, and then we're winning. I think the momentum has definitely turned in our favor, and we're really beginning to win in the market. I'm really pleased. For the first time, we can really see what I characterize as outsized traction in the customer base. I think we're going to be limited in terms of what we're able to do by what we're able to get in terms of supply. I'd answer the question that way. Thanks so much, Michael. Thanks, Chris. Next question from Karl Ackerman. Your line is now open. Yes, thank you. Two questions, if I may. To that last point, I think it's well known that display drivers and touch controllers and even TDDI products are all in tight supply at the foundry level, given the Austin weather disruption and the shift to OLED. Perhaps that's impacting your supply constraints as you just mentioned. As a follow-up to that, could you discuss your ability to secure capacity that would allow you to better service the upside and demand you're seeing today in backlog? Yeah, Karl. First of all, good question. Good to hear from you. I would say that we're in kind of a unique position, as you know. We have a pretty diffuse supply chain. That's one of the things that we've been trying to get on top of, to consolidate the supply chain a bit and rationalize it down. Actually here in the very immediate point, we have had some benefit from that. The fact that we do have a good number of supply chain partners, they've been relatively opportunistic in terms of price increases and things like that, but it has given us additional ability to go and get supply. We probably have done better than average. For sure, the supply is the overall semiconductor problem is the long pull. We've probably been able to do better than most in terms of working around some of the supply chain challenges, and we got a little bit lucky insofar as that very, very diffuse supply chain has given us some near-term benefit. Thanks for that, Michael. Maybe for Dean, clearly the mix shift toward IoT is helping you progress rapidly toward this new 57% gross margin target. At the same time, many of your peers have raised prices to offset rising substrate costs. I was hoping you could discuss your ability to exert pricing power despite less of your demand generation coming from distribution. Thank you. Yeah. Good question, Karl. We hear in the news that there's lots of peers that are maybe changing prices. We certainly have a supply chain that's passed along some prices to us and. We've reasonably passed along some of those, a subset to a few of our customers where we reasonably can. We certainly aren't looking at this to extract revenue, extract margin from our customers. I think everybody's sort of in the same boat on this one, and we're just trying to resolve the supply constraints that are out there. The other thing I would note, our gross margin expansion really has been happening over the course of the last seven, eight quarters. This has been happening for us, has been a methodical process and journey we've been on. A lot of the expansion is sort of just from the hard work that we set up in the beginning. Thank you. Thanks, Karl. Next question from Bill Peterson. Your line is now open. Yeah, thanks for taking the question. Nice job on the execution, especially the continued gross margin expansion. I guess in the prepared remarks, you talked about potentially going on the offensive, if you were. Your gross margins are in a really healthy state. I was wondering if you can go into a bit more detail, maybe by your product segments. Areas like maybe OLED, display drivers or in the PC space more in the consumer space where you haven't kind of been playing as much in the past until recently. In IoT, if there's any particular segments where you feel that you can kind of attack the market better, maybe with some of the newer products like Katana. Any color you can give on where you are trying to grow your business from here? Yeah. Bill, good. Again, appreciate the question and thanks for the thought. You're absolutely right. I think that the top areas for us are DDIC, right? I think that we've talked about that. Mobile presents an opportunity for us to inflect in the second half of our fiscal year, where we think we can pick up some really meaningful share. The second area, again, you touched on, which was PC. There it's Chromebooks. We really haven't had much of a presence in Chrome up until maybe a quarter ago. We got qualified. Our PC team did a good job getting qualified on a Google reference design, and we started to make inroads there. The third area, I would say, is our wireless connectivity in the IoT area. Wireless connectivity typically has a shorter design-in cycle. We said in the prepared marks that we've actually already doubled the run rate there from our starting point. We feel like that is an area that's just doing really well for us. As Dean indicated, if you look at the midpoint of the guide, we're at 57% gross margin. I don't think that that number is sustainable. I think it'll come back to the 55 area that we're at for this quarter, and we'll use those couple of points as some pricing leverage to really start dialing up the revenue growth. Yeah, thanks for that. Maybe just from the final segment you talked about in the wireless space, I guess at this stage, it really feels like you're already reaching a run rate as of now. I'm trying to get a better understanding of how we should think about the growth of that segment from here and what'll be driving that growth between Wi-Fi, Bluetooth, any particular commentary on some of the end markets? You talked about some of the design wins. I guess finally related to that, are there any areas that you're focusing your investments on, I guess, organically or areas you really feel you need to maybe try to augment your portfolio inorganically? Yeah, I think that our strength right now is in products that transfer video. Where we've done really well is in streaming devices, in security cameras, in drones. Anything that's moving video is where we've done very well, and those segments, obviously, are growing rapidly. We're coming from a very small base, we've been able to pick up outside traction. That's mostly Wi-Fi. It's Wi-Fi leading, for the most part, our products are Wi-Fi, Bluetooth combos. We've also done well, as we talked briefly about in the prepared remarks, in watches. We have that GPS asset which is relatively unique, in the sort of wearable market, we've also done relatively well. I think as we think about it going forward, we've got these roadmap products that are coming from Broadcom, I think those do open up additional segments for us. We think we can go into industrial. We can go into some more low-power type applications, and we're pretty excited about that. I think it strengthens our current field of use, but then opens up some additional fields of use. We really feel good about this business and think it can be a grower for us, outsized grower for us over the next couple of years, frankly. Appreciate the color there. Thank you. Next question from Kevin Cassidy. Your line is now open. Thanks. Congratulations on the great results. You mentioned that your backlog is more than 100% of your guidance. Can you talk about how the customers are reacting? How far out are they placing orders, and do you see a time when you can catch up to the backlog? Yeah. Good question, Kevin Cassidy. I think probably every semiconductor team has probably been asked a similar question, and our answer is probably similar to most, which is it's really challenging out there. Lead times are expanding from our suppliers. We, in turn, are encouraging customers to place extended lead times on us so that we can get the wafer starts and supply lined up for them. We do have actually, probably more visibility than we would normally have at this point in the cycle. We don't have an exact timeframe on when we might be able to service and fully catch up to all customers' needs. It does seem like the supply constraint is likely to last all of 2021, if not a little beyond. It's hard for all of the supply chain, I think, to respond in turn. If you think about all the moving pieces to put a semiconductor product together with the lead times and the fabs and cycle time, it's really challenging to respond all at once. Okay. Understood. Congratulations on the continued momentum on your set-top box designs. Maybe also, if you could help out with the dynamics there. Are those service providers concerned about supply? I know you're expecting to announce the design wins, but would they start giving you orders earlier than what would be a normal cycle for a set-top box? Kevin, yeah, you got it right. I would say that even though a lot of these are just entering production, we talked about the two Korean wins entering production now and a set of others, four others, production in the next couple of quarters. We have seen orders for all of those. People are ordering ahead. They're as concerned as any customer about securing supply. This is on a more advanced process node. As you likely know, the more advanced process nodes, there's actually less supply tension, and so that's obviously where we are with the set-top box products. They're on more advanced nodes, so the tension isn't as great there, but we still are getting plenty of lead time to back up our confidence in some of these production starts. Okay, thank you. Next question from Raji Gill. Thanks for taking my questions and congrats as well on all the good momentum. Dean and Michael, just wanted to kind of dig a little bit further into the gross margin. [audio distortion] You feel that 55% gross margin is kind of the appropriate level. Is that a margin that you think you want to achieve in the relative medium term, and how do you balance that versus your long-term target, which is a 57%? Is this kind of a short-term, kind of medium-term tactic in order to drop the price to get more revenue growth and then kind of return back to 57% gross margin? I'm kind of struggling how to think about the drop in margin and then kind of going back up again to 57%. How does that practically work? Yeah. That's right, Raji. I think you have it. It's a short-term, medium-term, where effectively, we're gonna choose to get a little bit more aggressive on our pricing to go after some revenue. Honestly, what we're trying to do is accelerate our top-line revenue potential for big slugs of revenue that we can drop to high operating income. Right? Operating at the operating margin line, I think is a great trade-off or a couple of points here in the near term. 57% in the longer term is still our goal, and we're still driving toward that as we try to step on the gas here in the near term. Yeah. I think, Raji, many people accused Dean of sandbagging at our Analyst Day, what, a year or so ago, where we hit our long-term targets, like within three or four quarters. This time we've hit two or three of our long-term targets within one quarter, okay? Right. We're trying to take the foot off the gas a little bit on operating margin, and particularly on gross margin to drive top-line growth. As Dean said, my view is we need to get that engine going. We see opportunity right in front of us, where we, as he said, there are big slugs of revenue that we think we can capture, and we're gonna do that at a slight expense of gross margin here to get the revenue prompt really going. For my follow-up, if you look at the mobile business, kind of following the divestiture, it's been declining on a sequential basis. Now it's kind of indicating to be around the $78 million range. Kind of falling from $133 at the peak and then kind of falling down to $78 again post-divestiture. How do we think about the mobile business? Is this an area that, to your point about kind of being more aggressive on price, getting into the DDIC market, is this an area that you want to try to re-accelerate the revenue growth in the mobile segment specifically? Again, yeah, I think you got it right. I think what we'd say right now, and we've had this conversation, I'd say we're sort of now at the bottom of our mobile revenue curve. We've seen significant erosion on one of our large North American handset customers and a touch opportunity there. I think that we feel like those numbers are out of our go-forward guidance. We feel like that business, the number we just described, is kind of the bottom. From here, we will build. There are opportunities for us, as you correctly characterized, in DDIC. We continue to feel good about our OLED touch. That continues to do well in the market. As we continue to accumulate these wins, those numbers are going to grow. We have that traditional LCD driver that we think is now at steady state. We feel good about our position, Raji, and near term, as you correctly said, that's the single biggest opportunity for us to start getting the top line going again. All right. Appreciate it. Thank you. Again, to ask a question, you may press star one on your telephone keypad. Again, that's star one on your telephone keypad. We have a question from Harrison Barrett. Your line is now open. Hi, guys. Thanks for taking my question. Do you have any updates on the opportunity for the Katana product, the low-power SoC into the industrial market? Is this a market you think you can break into on your own, or might this be an area for an acquisition? Harrison, a couple of pieces to that. I think we're in the early innings with Katana. We've actually just put one of our best leaders on this to sort of drive it, to engage with the customer base, and then figure out a roadmap. I think we've talked about in a previous call, we are partnering up with a third party, a company called Eta Compute, that's helping us with some of the software that would go into that. We've just started. It's early innings. I'd say the customer traction has been relatively surprising. We're probably the most sizable player now in a low-power AI application, particularly one that leads with vision rather than voice. We're quite a ways away, I think, from seeing revenue, probably one year out from turning the design traction into something material. [But] I like our chances, and I think it's going to lead to a full product roadmap. As I say, part of our story to mitigate our expense has been to partner a bit, both in the software, which we've announced, and then we've done some other hardware partnerships. Would we acquire in this space? We think it's an exciting space. It's early innings. I think what we're trying to do is test it out and find out where the opportunities are. As we figure out this market, we'll better chart our forward-looking course. Great. Thanks. I think this was touched on in a few of the questions, but do you have any additional color on the opportunity in OLED display drivers? Is there any color around the types of customer? Is this just opportunistic given the tight supply environment? Are there sort of some longer-term roadmaps that you're engaged in here? Yeah, it's probably more the latter than the former. I think that as the market has shifted from Korean glass to Chinese glass, an opportunity window has opened up for us. We've been carefully selecting LCD manufacturers, OLED panel manufacturers that we partner with, and we think that we bring some performance advantages to bear. As we've characterized, we see this sort of a step in our journey. I think we want to enter with a standalone DDIC and partner up with the Chinese glass guys. As we think about this on a longer road, we would want to really go after the TDDI opportunity that we talked about several quarters back. I think that our first engagement point is relatively opportunistic, but gets us in there, gets some meaningful revenue going. We lead with performance. We do follow that with supply and some other things that we think that are obviously very important. Then as we look further out, it would be more of a TDDI type of play. Great. Thanks. Thanks, Harrison. There are no further questions. I would now like to turn it back to Michael Hurlston. I'd like to thank Oh, I'm sorry. We do have one question here from Martin Yang. Sure, go ahead. Your line is now open. Thanks for taking my question. Can you maybe talk about, on digging into the IoT market dynamics a little bit more, are you still seeing supply shortages regarding the wireless segment, and when do you see that resolving itself? Most definitely. We're certainly seeing some supply chain shortages in wireless. I think, Martin, we've talked about that one being particularly challenging because it was a new business for us, so we sort of had unforecasted growth. Now, we've successfully been able to move our supply chain. We've moved among a couple of different foundries, and I think we found a spot now where we can successfully keep up with demand. We've been able to qualify some of our old devices on new foundries, and that's opened up our supply chain a bit. That gives us the confidence that we can continue to keep that growth engine going. It certainly has been a challenge. We've had to work hard to sort of re-duplicate our supply chain. First, bringing the supply chain from Broadcom to Synaptics, and then maneuvering around some of the foundry challenges by re-duplicating the die at different places. Thanks. Next, I want to ask about the PC business. Do you think that the trends were turning to something else in the sense that there may be a broader set of opportunities outside of laptops for you on a going forward basis, where maybe there's a step up on the need for docking stations, for instance? We talked about that in the remarks. Certainly docking station, there absolutely has been a step up in demand that's been driven by, first work from home, people brought docks home. As people return back to the office, we think hoteling is going to be a common configuration. The dock has been good. In the PC area, we think that we have additional opportunity as well in terms of products that we currently don't really engage in. For example, touch on the screen itself rather than touch pad. We think we can expand the set of products that we offer to the PC customers. We're going after entirely new applications. We talk about wireless monitors, wireless docking stations. We think that those will become increasingly prevalent as time moves forward. There's a lot of things going on in the PC space. We're obviously doing well in our core business, but we see opportunities to open up new markets and actually new segments of the PC so we can sell more content into the existing boxes. Yeah. The other thing I would say is there's a trend within sort of the PC laptop world to continue to expand the size of the touch pads, and that's an opportunity for us going forward. There's also a number of accessories, PC accessories, that's also doing quite well in the marketplace. All opportunities for us. Got it. Thank you very much. Thanks, Martin. I'd like to thank everyone for joining us today. We certainly look forward to speaking to you at our upcoming virtual investor conferences. I hope everybody stays well, and see you all soon. Bye. This concludes today's conference. Thank you everyone for participating. You may now disconnect.