Ladies and gentlemen, thank you for standing by. Welcome to the Tower Semiconductor Q3 2023 Financial Results Conference Call. All participants are currently in a listen-only mode. Following management's prepared statements, instructions will be given for the question-and-answer session. For operator assistance during the conference, please press star zero. As a reminder, this conference is being recorded 13 November 2023. Joining us today are Mr. Russell Ellwanger, Tower CEO, and Mr. Oren Shirazi, CFO. I would now like to turn the conference over to Ms. Noit Levy, Senior Vice President of Investor Relations and Corporate Communications. Ms. Levy, please go ahead. Thank you, and welcome to Tower Semiconductor financial results conference call for the Q3 of 2023. Before we begin, I would like to remind you that some statements made during this call may be forward-looking and are subject to uncertainties and risk factors that could cause actual results to be different from those currently expected. These uncertainties and risk factors are fully disclosed in our Form 20-F, F-4, F-3, and 6-K, filed with the Securities and Exchange Commission, as well as filings with the Israel Securities Authority. They are also available on our website. Tower assumes no obligation to update any such forward-looking statements. Please note that the Q3 of 2023 financial results have been prepared in accordance with U.S. GAAP. The financial tables and data in today's earnings release and in this earnings call also include certain adjusted financial information that may be considered non-GAAP financial measures under Regulation G and related reporting requirements as established within the Securities and Exchange Commission. The financial tables include full explanation of these measures and the reconciliation of these non-GAAP measures to the GAAP financial measures. In today's call, we have supporting slide deck that complements our conference call. This presentation is accessible on our company's website and is also integrated into the webcast for your convenience. Now, I'd like to turn the call to our CEO, Mr. Russell Ellwanger. Russell, please go ahead. Welcome, everyone, and thank you for joining our call today. Being the first financials release call we are holding since November 2021, we will include in today's call a longer-term financial model, stating the reasons for and the margins resulting from the new capacity agreements that we have announced in the past years. An important aspect of our growth strategy is manufacturing efficiency and scale. Increasing capacity in an accretive, cost-efficient manner is a competitive edge. First, looking at this past quarter, our revenue for the Q3 was $358 million, down year-over-year, reflective of challenging market conditions. At this revenue level, fab utilizations were Fab 1, 6-inch, about 55%; Fab 2, 8-inch, about 75%; Fab 3, 8-inch, about 40%, due primarily to the weakness in data centers; Fab 5, 8-inch, at about 60%; Fab 7, 12-inch, about 60%; and Fab 9, 8-inch, about 65%. As you can see, with the present utilization levels, we have the ability to quickly ramp up manufacturing to capitalize on a market rebound. A positive point demonstrating our operational efficiency at these lower utilization levels, excluding the accretive impact of one-time items. We had substantial operating profit. Currently, we are seeing a return in several areas to rational customer inventory levels and are beginning to experience some upside relative to customer forecasts as end-market opportunities present themselves. We have yet to see customers increase their forecasts, although certainly in the RF segment, inventory levels have reached or fallen below the previous steady state. We remain proactive with our customers, providing operational flexibility as even small changes to end markets, if one has the ability to act quickly, could have a disproportionately positive impact on near-term results. For the Q4 of 2023, we expect revenue of $350 million, ±5%. We are active and committed to creating sustainable value for all of our stakeholders. As we stated at our last investor call on September fifth, Tower is actively embedding excellence in everything we do, which we define as effective, efficient, and at the highest quality. Tower is extremely efficient, as measured by the 10-point drop from gross margins to operating margins, reflecting total OpEx of about 10% of revenue. Effective can be measured by gross margins, which means value-added offerings at manufacturing scale. Our offerings are value add. A bit later, our CFO, Mr. Oren Shirazi, will discuss the long-term financial model, showing the result of increasing our manufacturing scale, reflecting Tower's present capacity footprint and the additional capacity capabilities resulting from our investments in the Agrate facility and in the New Mexico facility with ST and with Intel, respectively. These technologies that create value, almost by definition, are those which serve exciting high-growth markets. Within the analog world that we serve, we are focused on three megatrends; seamless connectivity, served by our RF roadmaps, green everything, served by our power platform, and smart systems, served by our sensors and display offerings. We are committed to continue to advance the platform serving these trends, which in turn empowers us to meet the demands of our customers and remain at the forefront of industry trends. Our RF mobile business is primarily composed of handset RF components, such as switches, antenna tuners, and low-noise amplifiers, built on our RF SOI technology. As you know, the handset market has been weak in 2023, although there are signs of potential recovery, as evidenced by sequential quarterly revenue gains through all of 2023, from a bottom in Q1 2023. Longer term, we anticipate a market recovery, along with increased adoption of 5G in developing nations, to contribute to further growth. To accelerate internal growth that outpaces the market, we have invested in advanced RF SOI technology with the recent release of design kits for QT10, our tenth generation process, offering the industry's best R-on C-off figure of merit, driving improved reception and battery life in handsets. This technology is prototyping today in 200 mm, and we are releasing design kits in a 300-mm version this quarter. We have significant prototyping and design activity and anticipate this new technology to contribute meaningfully to revenue, with design wins already with two of the top five front-end module providers and active engagements with multiple others. Our RF infrastructure business is primarily composed of silicon germanium and silicon photonics for optical transceivers and data centers, artificial intelligence clusters, and telecom networks. Over the past three months, we have met with most all of our major customers throughout the world. One thing that was striking is that the near-term moves to 800G data center appear to be much more aggressive than is depicted in analyst reports, resulting in a stronger cycle ramp for the industry as silicon photonics plays an increased role at 800G and beyond. For your reference, please see Slide 6. Tied to this, we are seeing increased orders for silicon photonics, with customers forecasting a substantial ramp continuing through 2024 and beyond. Currently, we have over 50 active SiPho customers serving data center telecom, automotive LiDAR, and optical computing. In the Q3, we announced a multi-generation partnership with InnoLight, the worldwide leader in data center optical solutions. This partnership highlights the strength of our offerings with the end customers representing the core of all hyperscalers, enabling cutting-edge technology to support the growing demands of data centers, including AI and next-generation telecom networks. For our silicon germanium business, we are seeing significant first-year design wins for linear pluggable optics, LPO components, which promise to replace costly DSPs in advanced optical modules. For your reference, please see Slide 7. LPOs integrate some additional functionality into traditional silicon germanium drivers and transimpedance amplifiers to eliminate the need for costly and power-hungry, deep digital signal processors in many 400G and 800G applications. This new innovative technology offers improved cost, reduced power consumption, and reduced latency for data center, including for AI applications. We have also seen design wins and first orders for retimers used in active copper cables built with our silicon germanium technology, serving top data center hyperscalers and hyperscaler providers. It is an alternative to more costly pluggable optics, particularly for short-reach applications, further expanding our silicon germanium total available market. Finally, and also of significant importance, we see increased activity towards the newer market of satellite internet service using silicon germanium phased array, offering the best performance and cost trade-off in terrestrial receivers employed by these systems. For your reference, please see Slide 8. This application space promises to meaningfully increase the silicon germanium total available market over the next several years, as each receiver requires, on average, 250 silicon germanium phased array ICs, with a major win having been awarded to us this past quarter. Turning to our power IC business. In the past few months, we had two very major wins. Firstly, from a premier power management integrated device maker for the next-generation 65-nm BCD, and secondly, from a leading analog fabless company with a design win with their first-tier end customer. These activities are forecasted and aligned with at least one end customer to grow to several tens of thousands of wafers per month and is the major catalyst for entering the New Mexico fab manufacturing agreement. In the imaging market, we continue our focus on creating highly differentiated technologies for industrial, medical, and automotive use, scoring a major win in Q3, where we partnered to provide sensor technology to an iconic mirrorless camera company. For your reference, please see slides 10 and 11, which define this market. In the industrial segment, we gained an entire next-generation line with a leading imaging provider. The display market is undergoing a revolution with the rapid growth of the VR and AR markets. Technology-wise, in order to meet these markets' resolution and brightness requirements, a shift from the traditional LCD-based displays to organic LED on silicon is required. For your reference, please see Slide 12. We have developed a 5V platform and are currently in advanced stages of creating a 10V platform for even higher brightness, and are engaged with leading display suppliers in Korea and China. This is the next big thing in the display area, and we are technologically well positioned to take a substantial market share in this exciting new market. Providing our revenue breakdown for the Q3 of 2023, Sensors and Displays represented 18%, RF Mobile business represented 26%, RF Infrastructure represented 10%, Power IC business, 21%, Discrete business, 17%, Mixed-Signal CMOS, about 6%, with about 2% miscellaneous for this period. Automotive, which is served through several of the above-mentioned technologies, was at about 17%. I'm pleased to announce two strategic organizational changes we just implemented. These changes have been carefully designed to enable our next series of steps to achieve the next peak in our progress. Dr. Marco Racanelli was promoted to serve as Tower's President. As such, he is responsible for all business units and sales activities and organizations. Dr. Avi Strum was promoted to be Tower's Chief Technology Officer, responsible, among others, for a four- to six-year accretive technology roadmap with associated activities and all M&A activities. I believe that these organizational changes will enhance Tower's value proposition and continuous profitable growth. Please join me in wishing Marco and Avi much success. Godspeed. Oren, please. Thank you, Russell. We released today our quarterly results, reporting revenues of $358 million, gross profit of $87 million, and net profit of $342 million, which net profit included $290 million of net profit impact associated with the merger contract termination fee received from Intel. I will start my review by analyzing the P&L highlights, followed by our balance sheet and a presentation of our long-term financial model. Revenue for the quarter ended in September 2023, was $358 million, compared to $357 million in the prior quarter, and gross profit for the quarter ended in September 2023, was $87 million, similar to the gross profit in the prior quarter. Operating profit and net profit for the quarter included the net impact of merger contract termination fee we received from Intel in the amount of $314 million net of associated costs. This amount is included in operating profit. The net profit impact after tax is $290 million, based on a 7.5% preferred income tax rate that applies to us in Israel. Including the termination fee, operating profit for the quarter was $362 million, as compared to $51 million in the prior quarter. Net profit was $342 million, or $3.10 basic earnings per share, compared to a net profit of $51 million, or $0.46 per share of basic earnings in the prior quarter. Our balance sheet as of the end of September totals $2.8 billion, primarily comprised of $1.1 billion of fixed assets, mostly machinery and equipment, and $1.7 billion of current assets, 72% of which were cash deposits and marketable securities. Current assets ratio, reflecting the multiple by which current assets are larger than short-term liabilities, is very strong, by a multiple of 6.7x, as compared to 4.8x in the prior quarter. Shareholders' equity increased by 17% quarter-over-quarter, and by 24% as compared to its amount in the end of FY 2022, and reached a total of almost $2.4 billion. Our strong financial position enables us to plan the following investments in growth opportunities that are aligned with our vision. One, approximately $500 million of total aggregate cash was allocated to make investments in equipment and other CapEx items required for the 12-inch factory in Agrate, Italy, required for Tower's portion of the STMicroelectronics partnership, of which $100 million were already invested in FY 2022, and an additional $150 million were invested today, to date. Two, as announced two months ago, we will invest $300 million to buy equipment and other CapEx items that we will own in Intel's fab in New Mexico, enabling Tower to ramp up production and manufacturing for its customers. Three, we expect our maintenance CapEx baseline level to remain, as previously announced, between $180 million and $200 million per annum. And four, we will continue to invest to refine our product mix in the technologies and markets Russell previously described, to enhance our flexibility to cross-manufacture at our multiple factories, all should result in a richer mix from a margins point of view, and all in accordance with our growth strategy. Russell described previously the market, technologies, and customer demand, which drives our need to increase our capacity. I will now outline our target financial model, which is based on the assumption that the presently expressed and forecasted customer demand for the products, technologies, and markets Russell described, would result in 85% utilization of our capacity, including the ramp-up of Agrate and New Mexico. I refer to the target financial model, a summary of which is presented in Slide 14 in this call's slide deck. Based on these assumptions, we believe we will have the opportunity to achieve annual revenue of about $2.65 billion. Achieving this level of revenue should, according to this model, result in an annual gross profit of $740 million, an annual operating profit of $560 million, and an annual net profit of $500 million. To provide context, reaching revenue growth at a level of 1.9 x of our last published quarter's annualized revenue run rate would result in gross profit, operating profit, and net profit to be 2.1x, 2.9x, and 2.4x, respectively, as compared to the last published quarter annualized run rate, excluding the accretive one-time impacts as outlined in the model. Our model demonstrates several key indicators of our efficiency and effectiveness as follows; one, we are showing an increase of 86% in revenue while keeping OpEx costs below 10% of revenue. Our incremental gross operating and net margins as a percentage of the added revenue of $1.2 billion stated in the model should be 32%, 30%, and 24%, respectively, which are higher than our current baseline margins. Three, by increasing our revenue by 86% from the last reported quarter run rate, we should increase our operating profit by 187% and our net profit by 140%. In summary, achieving this planned target, achieving this planned target would result in annual revenue of about $2.65 billion, annual gross profit of $740 million, $560 million in operating profit per annum, and $500 million in net profit per annum. And now I'd like to turn the call back to our CEO, Mr. Russell Ellwanger. Thank you, Oren. Truly very exciting. To close, I'll speak to the situation in Israel. 7 October 2023 was an act of pure evil, a direct and purposeful attack on civilians by Hamas using the tools of murder, rape, and mutilation. The same tools used by Putin in Ukraine that have been employed by other depraved despots throughout history. In this present instance, under Hamas leaders who live the life of billionaires, harbored and shielded safely in foreign nations, caring nothing for any God and human values, no value for life at all, certainly not for Israelis, but also not for their own people who they use as pawns. Since this time, I've been extremely moved by the outpouring of warm thoughts and prayers for Tower and our employees in Israel, by many customers, shareholders, suppliers, and as well as from employees in other geographic regions. A special thank you to a customer who accompanied this well-wishing with a sizable donation towards the extra support Tower's providing for our employees, for either the employee themselves or the employee's spouse, is serving their country to defend the principles they believe in, similar to the support Tower has offered to our employees in Ukraine. Thank you all. My heartfelt thanks to our employees worldwide, and specific at this time, to our employees in Israel, to those sacrificing comfort and possibly life to serve their country, and to those in the factories, Jewish, Muslims, Druze, and Christian, taking additional burdens on themselves, having enabled that we have not missed a single customer commit, and doing all in their power to ensure that we will not miss any in the future. We have robust business continuity procedures in place in the company, including multi-site qualification of major process flows and a very strong external expert advised and audited IT safeguard system. I have always appreciated and valued Tower's corporate culture. In times such as these, one of the few upsides and positive emotion is seeing the unswerving dedication of our employees and the loyal support of our customers, shareholders, and suppliers. Thank you. Operator? Thank you. Ladies and gentlemen, at this time, we will begin the question-and-answer session. If you have a question, please press star one. If you wish to cancel your request, please press star two. If you are using speaker equipment, kindly lift the handset before pressing the number. The questions will be polled in the order they are received. Please stand by while we poll for your questions. The first question is from Cody Acree of Benchmark. Please go ahead. Yeah, thank you, guys, for taking my questions, and best of luck with everything going on in Israel. Maybe, Russell, if we could start with the utilization trends, you know, flattened down in all of your locales. I think that's right, yeah. And so, is that indicative of the magnitude of the revenue contribution from those end markets directly? And then if you could also provide some discussion of your revenue concentration per facility, knowing that you've got specific facilities that are going to be more broadly utilized among your revenue areas-[crosstalk] Cody, you're really mumbling right now. I can't make out what you're saying at the moment. Could you restate your last few sentences? Yeah, I guess what I'm trying to to focus on is your revenue capacity per facility, knowing that you've got some facilities that are more dedicated to one of your revenue segments versus others. And then just what do you attribute the declining utilization rates across the board that have flattened down these last two quarters? Yeah, I don't mean this tongue in cheek, but certainly I attribute it to less market demand. I mean, that's the 100% focus of utilization. I think you had asked if it was indicative of revenue. Obviously, the revenue is very much in line with what utilization levels are. So the market is weak. The markets that we serve isn't very strong at the moment, although we are seeing rebounding, and we've been able to, as I stated, see increases in the specifically demand for switches and amplifiers, tuners that go into front-end modules. But in general, obviously, utilization is very indicative of market, and our revenue is tied to the utilization. And I gave a revenue forecast that's predominantly flat for Q4, which shows that by customer forecast, as I clearly stated, we have not yet seen big upside. We have, however, seen in some end markets, increases in orders that we'll be able to realize within Q1 and beyond. Specifically, I mentioned silicon photonics. The concentration, and I think, well, I know I said it in the script, Fab 3, Newport Beach, is predominantly doing the silicon germanium activities. The most advanced platform for silicon germanium are in Newport Beach, and data center is weak at the moment. So, that, I think if that adds the color that you're asking for. In Japan, 200- mm factory. In Migdal HaEmek, in both, we have a good amount of BCD, and in the Migdal HaEmek 200-mm factory, we also do a lot of RF SOI. In San Antonio, we do a lot of discretes and a good amount of power activities serving automotive. Thank you, Russ, for that. Very helpful. Oren, can you just walk through your timing of your outlays for the STMicro and the Intel properties? I know you've given more details on the Italian spending patterns, but just wondering what your plans are for the Intel fabs. Yeah, Italy, right, like you said, I outlined it that we already paid $250 out of the $500, and the remainder, you may expect it in the coming 1.5 years. You can maybe, if you want, in the model, to amortize it linearly. On Intel, we still don't have specific details of that because we just announced it two months ago. So, we are now forming the CapEx equipment list. Following that, we will exactly can calculate the exact timing of the spend of the investment of the $300 million, but obviously, it should be done in the coming two to 2.5 years. Oren, I guess I asked this on the last conference call, but I'm not gonna hit it from a different angle maybe. Your supply relationship with STMicro and Intel, they're just based on a set wafer price to you, assuming different technologies provide a different wafer cost. But I assume that there is some discounted contribution or that the discounted price is factored in with your contribution of the hardware and technology, if it is fast. I guess, how is that process going to work? And do you expect that to be very accretive to gross margin with those wafers and those revenues? Yeah, Cody, thank you. So I think this is exactly why, because of these type of questions we presented, I presented the long-term financial model. It really shows you in the right column of the financial model, that the incremental margins are baked in everything. All in is 32% gross margin, 30% operational margin. Now, of course, this is better than the current gross and operating margins that we have, and this is lower than the 50% incremental margin that we always discussed about organic growth. So this gives you the answer that while this is a very nice incremental contribution, it is not an organic, because it's not from our existing space. Now, we cannot disclose the exact cost per wafer that we pay to Intel or to ST partnership, because this is under, of course, confidentiality. You see that in the financial model, these are the results. This is the incremental, is mostly because of Intel and not Intel, because of the capacity corridor and the Agrate fab, as well as other growth in the company. All right, guys. Thank you very much. Very helpful. Thank you, Cody. Excuse me. The next question is from Richard Shannon of Craig-Hallum. Please go ahead. Well, great. Thanks, Russell and Oren, for taking my questions. I did want to preface them with two quick things here. Thanks for the investor presentation. I got some of the detail. It's very helpful to see it that way, and also, do want to congratulate the promotions here, in particular, having gotten to know Mike Barker over the years. I think it's a very appropriate promotion, so, congratulations on that. Thank you. With that said here, two questions that come to mind, I guess I'll ask it bottoms up your questions on the data center market here, where you're seeing, you know, a bit of weakness. And I think if I heard your comments correctly, not necessarily seeing upside here improving directly, even though we hear from a lot of participants in this market about some great deal of strength here. Maybe you can help us understand, is there some inventory still left to be burned here? And then, do you have any visibility into when that ramps, and do you expect that to be, you know, more of a ratable ramp or something more, I don't know if I want to use the word spiky or not, but certainly seeing some of those dynamics in the market, wondering if we should expect that oer time? Thank you for the question. I did state that we are seeing inventory levels having burned off quite substantially, and they have, and in particular in the RF space, and particularly with data center to where our customers and their customer is down now to levels at or before the market in it, if you would say, went weak. Every time that we've experienced the data center market coming back, it is a very steep function when it comes back. It's a step function. Will that be the case now? I don't know. That's hard for me to predict. We do believe it will come back, and we'll be back within the next quarters, and we're well prepared to take care of that growth. Now, part of the reason that we're very optimistic about data center is really our partnerships with the leaders into not just what we have served in the past, but into those technologies that are serving the future. I mentioned a very strong ramp being forecasted by customers within silicon photonics, and additionally, that analyst reports that are fairly recent seem to be very far off on the adoption of 800G. And 800G driving many activities that were not in 100G. So we see that as very, very positive. I stated, and I cannot overstate the importance of the partnership that we have with InnoLight on driving very state-of-the-art solutions with our silicon photonics platforms. So we're pretty bullish on that. If you look at the other activities that we spoke about with, for example, the Linear Pluggable Optics, we have many things coming into play right now that are technological upsides that have the benefit of the innovation of cost reduction. Those get implemented relatively quickly. If one's doing a new build-out of a 400G or an 800G, and you have the ability to reduce cost in so doing, that is implemented very fast. That's part of the reason that we would see and believe that the rebound will be extremely strong because of new technologies, where we have really very strong partnership with leaders. Exactly how steep that ramp will be, I cannot say. Will the ramp come? It appears from inventory levels presently, it will come, and it should come fairly shortly. Exactly when, I don't know. But, I did state we have not yet seen the increase in purchase orders, but we're very prepared, other than in silicon photonics, but we're very prepared to capitalize on it when it comes. Hopefully, that answers your question, Richard. I really don't have more color to add than that. That was very helpful, and we appreciate your position of visibility. So thanks for portraying that one. I guess this question may be for Russell or Oren here, but I think some of the big questions we get, and I think we've had posed to you many times in the past year, that I think are especially important given we're going through an inventory cycle in parts of your markets, as well as the typical calendar seasonality that you experience. So I think the big question we're getting is, how do we think about your Q1 seasonality? You typically don't give guidance more than a quarter out, but are you seeing anything that would suggest it's gonna be meaningfully different than normal, which I think is kind of a little bit down sequentially in the Q1? You are correct. We don't give guidance longer term than one quarter. I honestly think that Q1 seasonality is an impact that everyone faces each year. There's been a few years where we've been able to capitalize against it by having entered into a new strong market with offerings. But I think the industry itself expects a Q1 seasonality. I don't think that this year will be different as far as what the industry will be experiencing. Okay, fair enough. That's helpful in that. One more question. I'm sorry, because you asked about data center. Data center is data center, and that is where it's at. But I had mentioned specifically one other area. It's not data center specifically, but it is the phased array that is used for satellite, and that is a very, very big market that has come about that we're very active in and got a strong design win with a first-tier provider. So we see that in addition to a data center rebound as a strong tailwind for what we're doing with silicon germanium. And it's not data center itself, but it really is somewhat tied into the same application space. Okay, thanks for the additional detail, Russell. I'm gonna ask you one more question, and I will jump back into the queue here. But, kind of big picture, you had some really interesting comments across a number of markets, obviously, silicon photonics, power, display, sensors, and I probably missed some here. When you think about over, say, I don't know, pick a time frame, like, say, two years, which are any of these gonna be much more powerful to your revenue contributions than any others, or are they all kind of within the, kind of in the, in the same area? How would you characterize them or even rank them? What we're doing with advanced 300-mm, 65-nm BCD, and a very advanced and aggressive roadmap on our BCD platform, and as I stated, the major catalyst for what we're doing in the New Mexico factory, I think that that was probably will be the biggest incremental growth in the company. Okay, perfect. Thank you. Thank you. The next question is from Natalia Winkler of Jefferies. Please go ahead. Hi, thank you for taking my question. So I have a couple. One is on the silicon photonics. Russell, could you please speak about the market share dynamics that you guys are seeing in silicon photonics? Obviously, you've been, you know, your market share in Silicon Germanium has been the leading. I'm just curious if you're seeing similar or any different competitive dynamics in silicon photonics. It's a very good question and one that I don't have the greatest answer for you because the silicon photonics market is not as mature as far as its establishment as is the Silicon Germanium. We're certainly in with the leaders there. I think what we do with SiPho is very strong. I couldn't give you an exact market share number at this moment. I expect that we will have a substantial, if not, the major market share of SiPho as the ramps occur, as the 800G and beyond really start moving quickly. But, I, I could not tell you right now what our exact market share is. I, I really couldn't. I know that we're very well positioned, but it's a little bit difficult to know. I think that at the moment the major market share belongs to an IDM. Understood. Thank you. That's very helpful. And then if I may, on just kind of if we're thinking about the long-term model, how should we think about the mix within that long-term model? And I guess another way to put it is, if we're thinking about the capacity additions that you guys are doing in Agrate and Intel, are there any kind of silicon germanium additional capacity that's coming online, or is that largely kind of focused on the non-silicon germanium, non-silicon photonics applications, such as, you know, the CMOS and analog? That's a very good question. The bulk of the reasons for driving the capacity increases in Agrate is the RF SOI, and in the Fab 11X in New Mexico, it's for the BCD, as I mentioned before. That's not to say that we're not doing activities to expand silicon photonics, both at 200mm and at 300mm. We are. But the biggest growth drivers right now and impetus for the Agrate, as well as the New Mexico, was RF SOI and power management on 65 BCD and an extendable roadmap for that. This is very helpful. If I may, just a quick follow-up on this. On the 300mm silicon photonics, is that something you guys are already shipping, or is that kind of part of the future roadmap? We have shipped prototypes, so yes, we have shipped, and yes, it is part of the future roadmap. Understood. Thank you. It's not something that doesn't exist now. We do have some prototypes that have gone out. Thank you. This concludes the question and answer session. Mr. Ellwanger, would you like to make your concluding statement? Yes, thank you. Firstly, again, really much appreciation to everyone that has given well-wishing during this period of war. Secondly, as far as the company, I don't believe we've ever been in a more exciting position than we are now. So much advancement in technology platforms, so much advancement in customer partnerships. We sit extremely confident that in areas where there has been market weakness, the market will return, and we will return with higher market shares than we had in the past, and that's how you outgrow the market. So we thank everybody, and my biggest appreciation, as stated, to our employees that still come to the factory and put everything they can to take up for the burdens of those that can't presently come to the factory here in Israel. So thank you very, very much. Thank you. This concludes Tower Semiconductor conference call. Thank you for your participation. You may go ahead and disconnect.