I guess we're live. Right. I think people are still filtering in, but we'll go ahead and kick it off. I'm Joe Moore from the Morgan Stanley Semiconductor team, and we're very happy to have back at our conference, CEO of Texas Instruments, Haviv Ilan. Haviv, thanks so much for being here again. Morning, Joe. Thanks for having us. You just came off of your capital management call. I know that's a sort of focus for you guys every year where you update us on your priorities. Can you maybe give us some of the bigger picture takeaways from that call? Yeah. That happened exactly a week ago, and not a lot of change. We are excited about where we are. We are in the last year of a six year investment cycle that was executed well, on budget, on schedule, actually ahead, and very pleased to be in that position. Also wanted to go back to what we talk about every year, our competitive advantages, which is manufacturing and technology, a broad product portfolio, the channel advantage, and a strong position in the market in the sense of diversity, of longevity of the business. We went into that. Also talked about our market. This year we have provided a little bit more, a change in our market. We've reorganized our market segment. Mm-hmm. We've added the data center simply because the size of it and the importance in our economy is higher. We've broken it down. It is the economy. We just heard. Yeah. We just heard about it. We now have industrial, automotive, data center, personal electronics and communications. Gave a little bit of visibility into that. More important, very happy with our position in these three markets that we care about. I think they carry the most growth for the foreseeable future, industrial, automotive, data center. 75% of our business there. Our improving portfolio, Joe. This is something that we've been working on for many, many years. I am excited about where we are. To finish with that, we remember our objective is to grow free cash flow per share for the long term. We've given a little bit of an update of how we go closer to the trend line, with a very good probability to hit at least $8 of free cash flow per share in 2026, with a lot of opportunity for upside. Great. Thank you for that. You mentioned a lot of continuity over the years with the way you've approached capital management with different strategies along the way, but a very clear focus on optimization of cash flow. One thing that is a little different, the M&A, you know, the Silicon Labs deal. Maybe give us an overview of that deal, then maybe we can delve into, you know, what that tells us about your priorities. From a high level, strategic, thinking about M&A has not changed. The same framework. We are doing them very rarely, right? Yeah. We've done some in the beginning of 2,000s with Burr-Brown. We've done another one with National in the beginning of the previous decade. You know, last month announced a plan to acquire Silicon Labs. We always said, you know, the markets that we like are industrial and automotive, in this case a very industrial business for Silicon Labs. The focus will be on analog and mixed-signal, and I see Silicon Labs as a great mixed-signal asset. I think they also are a great fit or potential fit for our competitive advantages. If you think about what they bring into the mix in TI, it's a very nice broad portfolio on the wireless connectivity side. People like to call it IoT. That's the way I think about it. Also a great position in terms of diversity and longevity. A very broad customer base, very sticky business, long design cycles, which we like. What we wanna bring into the mix is, of course, our manufacturing and technology capability. We've invested since 2021 in this mixed-signal asset in terms of the Lehi fab we have. We think we can transition the portfolio over there. Also our channel advantage. I don't think we've quantified revenue synergies and actually assumed them at zero. I think there are also revenue synergies that can come up as we put these products in the hands of our very capable field force. Also, you know, ti.com, with e-commerce, with the capabilities we have there. I think that can also accelerate revenue growth. Very excited about the opportunity. Of course, we have to execute through the plan, and we are expecting to close that transaction in the first half of 2027. Great. Well, we cover Silicon Labs and like the fit a lot. I like the business a lot. I guess just a couple questions, though, about what it tells us about how you think of your business. We used to write about IoT six, seven years ago, Rich Templeton would sort of say, "We're serving that market through our catalog business." I think a lot of that was, you don't want investors kind of focused on individual little product cycles and things like that. It was very much a, you know, the we're not looking at IoT as a vertical. It's much more of a catalog. We're gonna have these solutions. SLAB is almost the antithesis of that, right? That they have looked at it as a vertical, and a lot of the kind of core strength of the company is that kind of tying everything together, having multi-protocol stacks and things like that. Does that say that TI is less catalog-focused and a little bit more vertical-focused, or is that more something unique to this asset? No, I actually agree with Rich. I don't think IoT is a vertical. Yeah. The right thing about verticals or its market, right? The way I think about IoT is technology and a product portfolio and a line in the breadth of portfolio of analog, mixed signal and embedded product. It's just a very important line. It has secular growth because if people wanna connect, especially with IoT, with AI and data, IoT or wireless connectivity is a great way to add connectivity capabilities to an already existing system, right? You don't have the wires, you add that feature. It's a very broad business across multiple, end equipment, very catalog-ish in my, in my view. And, that's what we like about it. In that sense, I agree with Rich. Yeah. We think that the unique opportunity with Silicon Labs, you don't see it many times in a young company, that they had the persistence to build their business in medical, in healthcare, in metering, in enterprise automation. Very rare to see early phase companies going after that. You'll see them mainly usually in very fast-growing verticals to your point. Mm-hmm. Whether it's, you know, communication or personal electronics or even data center. To me, that is exactly the opposite in silicon, a very broad portfolio, a very sticky, a great fit to our company, especially as we internalize the portfolio into our own factories. How do you think about that dynamic between having the best catalog, having parts that sort of solve these analog problems, versus thinking about verticals and thinking, okay, automotive needs these things, and they need to interoperate with each other, and, you know, industrial needs these things. How do you see the balance between those? I think both are very important. Even, in our capital management call last week, we talked about the three markets that we put more emphasis on, especially from an R&D perspective, industrial, automotive, data center. Yeah. Is that you have to play the general purpose, play, we call it catalog, but very broad, not application-specific type of socket, but also the application-specific type of socket. Why? Because it's a big part of the trend. Yeah. Not a good idea to ignore it. I see the foundation of our business as this general purpose business. We love this type of socket because revenue per per socket or revenue concentration per socket is low. You can command high margins. The stickiness of the sockets are very high simply because not a lot of people are looking at them. Once you've earned your position on the board, it gets reused again and again and again for multiple generations. You still have to have the discipline, Joe, to always make sure that your portfolio is current, meaning best size, best. Mm-hmm. best cost structure. I think TI over the last 15- years have worked very, very, in a very high level of discipline to create exactly that. On top of it, this is an end game, you add the application-specific sockets, and especially with the markets we care about. You won't see TI going after huge sockets on the communication market. If you think about base stations, you won't see us going and putting a lot of attention on personal electronics, although we do it, but we are very selective over there. In industrial, in automotive, in data center, you will see us playing in both worlds, and this is a muscle that we are continuing to build. I'm excited about this end game. You know, have a foundation of general purpose business, and on top of it, build the verticals that you think presents the highest growth for the company. Yeah. I mean, they're both great parts of the business. Correct. Yeah. Okay. That's helpful. Then with the Silicon Labs deal, you sort of said, as you talk about it's not a fab filler, it's rational for doing it. I guess, how do you think about having a lot of capacity, having, at the moment, somewhat lower utilization of that you can actually add value through manufacturing by buying assets and bringing them into those fabs? Is that part of, you know, the benefit of having that capacity that you have, or are you still much more focused on that as a strategic reserve? No, to me, the way I think about an acquisition or in the case of Silicon, is the portfolio-. Yeah. The market position, and we cover that. In the sense of the fab, I think it's very important, and I think we say it, and I think people kind of brush off it, but we say, especially this year, we are prepared for a range of scenarios, and it's related to that strategic position that you just talked about. I think it's very, very important to be prepared. Mm-hmm. Right now, you know, in the last few years, the market has started to recover, at least in 2025. I wanna be ready for any scenario in 2026. You know, if the market wants to continue at the same rate of recovery, I think that's gonna be not a lot of stretch for the company, and we'll be ready for that. TI wants to be ready of what happens if industrial does want to go back to trend line quickly. Yeah. What happens if data center continues to go very, very fast as it has? What happens if the secular growth in automotive are actually gaining continuing to generate momentum in 2026 and beyond? We wanna be ready for the opportunity. In that sense, we've put a lot of discipline on having enough capacity, but also in the short term, have enough inventory, whether in a die bank or finished goods, to serve the surge as it comes. Far, look at 2025, we've grew double digits at 13%, but it's not been a very, very strong recovery. Yeah. 2026 is not done yet. I know a lot of people, you guys are spending more time of what it could be, but I wanna be ready for each and every opportunity. The excitement I have is that two things are continuing to happen in a meaningful way. One, data center is becoming a bigger part of our business, and the growth rate is very, very high. I did not envision that five years ago. I think the. Yeah. T he CapEx investment over there and the need for power density, the need for more connectivity, the need for more sensing and more control is growing. It's now we left the year at 10% or 11% of our business, but growing at 70% year-over-year. That's a big part of the business now. On top of it, industrial is so far away from trend line. Yes, there are some sectors, in our case, it's aerospace and defense, that are unfortunately generating new highs every quarter, but that's almost the outlier. The rest of the sectors, and we have about 10 of them are way below trend line. We are four years after the previous peak, right? Yeah. That is a market that has a secular growth. That is a market that has content and feature addition from generation to generation, but still trending 25% below its peak. I think it's due to a correction, and we wanna be ready for that opportunity. Great. I wanna ask you questions about a lot of things that you just said. Maybe start, you saw CapEx and inventory. On the CapEx side, you've talked about a business that, you know, could have maintenance CapEx of 4%-5% going forward, so we'll start getting more cash flow relative to the levels that we've had if you sort of stay in that mode. I guess, how do you think about that level of spending now? If we have a more robust recovery, would you spend more than that? You know, I guess maybe the question is, how do you optimize long-term utilization? It doesn't seem like maybe in the past you thought about let's be 100% at peak and lower trough. You're probably trying to optimize around a lower level than that, which makes a lot of sense given the economics of your business. Correct, Joe. I think you touched upon it. First, on the maintenance side, look, every company, especially in IBM, but now we are more and more, we are internalizing our capacity more and more. We'll finish the decade at above 95% of the front end and above 90% on the back end. That's a big change. If you go back, especially to the back end, it used to be about 60% or 55%. That's a big change. We wanna control our destiny across the front end and the back end. When you run your operations, even if you don't grow rapidly, there are always areas in your portfolio that are growing faster than others, right? I call it maintenance, but you also wanna stay current. Yeah. If a certain part of the data center market needs a little bit more capacity, you make an investment. The same with a certain packaging type. That is where the 4% is coming from. That would be at a low level and if revenue doesn't wanna grow. I think revenue has an opportunity to grow way beyond that, and this is where we will modulate up our CapEx. Yeah. Right now, I think I mentioned it last week, as long as growth is very similar to last year, either this year or even next, we don't need to add a lot of capacity because we've gotten ahead. We are internalizing right now our, at least our embedded business from external fab into the internal one. However, if the opportunity presents itself, we will. Yeah. You know, equip the clean rooms and get a little bit of more spare. You're right, you never wanna run at 100%. The factory cannot run at 100% utilization. This is where the efficiency of the factory drops. Yeah. you're just building WIP, right? Yeah. Operating at that, you know, somewhere around 80%-90% is a sweet spot because we also wanna have a surge of demand. This is where inventory comes in. We wanna carry more inventory, and this is something that we've learned back in COVID. It serves you very well in the short term. If there is a surge of demand for whatever reason you can envision, that the inventory is the first aid to serve customers. We've seen some of it in small cases. You know, tariff was an example a year ago. There was one company that ran out because of geopolitical tensions, could not ship in Q4. This is where TI showed up for the game very comfortably. Yeah. Solved customers' problem. I think the strategy there makes a lot of sense. I think, you know, it's a lot of inventory that you're talking about, 150-250 days. When you think about the life cycle of the products that you have in inventory, it's actually a pretty low risk around that. Just how do you view that trade-off? I mean, I sort of understood why it was a high level. You went to a little bit of a higher level around the capital management day. Just what's the calculus of, you know, I understand the logic of holding more. It makes a lot of sense to me. What gives you to the number, to the 150 - 250. I think first tactically, I think Rafael answered that question a week ago. The 150 - 250 is because we are now, look, we are fully internalizing our capacity. Think about it, when you run foundry wafers, that WIP doesn't sit on your books, right? The same as on the ADAS. When you go 90%, 95% internal, that's one reason you see a little bit of a higher inventory. The second thing is the more strategic view, and this is where you have to be very careful on what parts you build ahead. We will build a part that has this diversity and longevity phenomena or trait. We don't wanna build a custom part inventory because that's how you get in trouble and scrap that inventory later on. We are very intentional about looking at our portfolio and choosing the right part, the right wafers to build ahead. Because our business has a high level of general purpose parts, a high level of industrial and automotive, that longevity and diversity phenomena is there. The second point is you see a range. Why do you see a range? You know, if there is a very high surge of demand, your inventory will deplete. Mm-hmm. This is where your 250 will go down to 150. We don't wanna go lower than that because that means that we are starting to be short and cannot sell the customer, well during that upcycle. You have to model your upcycle, so you have to model. Yeah. The slope of the demand. We've modeled several scenarios, taking our information from previous examples. We want at least if the history repeats itself, we wanna be a great supplier through even the upturn. Of course, once you know, the cycle peaks, this is a great opportunity to go and replenish your inventory to prepare to the next one. This is where you see inventory probably climb to the higher level of the, of the range. Mm-hmm. that's a theory. Yeah. Of course, no cycle is perfect, and every one of them behaves differently. This is where we have to have the discipline to prepare for a range of scenarios. Very, very important. Yeah, I think that's a really important point, is that you guys, more than a lot of companies, understand the inherent unpredictability of markets, and you're prepared for that range of scenarios. In that context, you know, how do you think about 2026? Most companies at the conference are seeing what you described, strength in data center, strength in aerospace defense. Everything else getting a little bit better over time, but, like, maybe the pace of that is a little disappointing. You know, what are the things that might make that change as you move through the year? Yeah, I would say it's small. In general, I agree. So far, it's more or less what you described, very strong data center, but now is a more meaningful part of the business, so that's very important to remember. Now it can move the needle on your overall demand. I would be a little bit more, I would not say optimistic, but we are seeing maybe a different change in industrial versus a year ago because the breadth of the growth in Q4. I look at Q4, we grew close to 20% year-on-year in industrial. Finally, we are starting to see a very broad demand signal. Not only aerospace and defense, not only energy infrastructure that are kind of AI related. Yeah. You're starting to see the traditional industrial of automation, of medical, of building automation, starting to show strength again. I think they are due because they are so much below trend line. We've seen also what I was encouraged by is that it improved every month. We are now two months into the first quarter, and so far so good, meaning we are seeing that signal continuing. Let's see how Q1 plays out. There is still March. We just came out of Lunar New Year a week ago. I think industrial is due for a correction. Actually, I didn't break it out a week ago during the CAGR of TI growing in industrial, automotive, and data center together from 40% of revenue to 75%. The CAGR is 8%. That's a healthy CAGR. Even when 2025 is not a great year to your point, slow recovery. If you look at the industrial market for TI, it was actually below 5%. It's automotive and data center that grew 12%. Yeah. I think industrial has more gain. I would like to see it quarter by quarter. You know, we had a couple of head fakes last year. Let's see what it wants to do. I actually feel that that's the opportunity in 2026. Industrial is a big part of the TAM. It's 35%-40% of the TAM. We have to be ready for that opportunity. Not only that customers are getting back to their patterns of ordering, but also delivering new equipment with more content. Maybe if they wanna build some inventory, they're not doing it right now, but if they wanna build some, we wanna support them. Yeah. We don't wanna tell them no. We wanna prepare for that, and let's, let 2026 play out. I guess when you frame that, you know, we're still so far below the peak of several years ago now, and, you know, the industrial activity in the economy has grown over that time. Correct. obviously at the peak, there's always some overshipment. Correct. As well. You know, where are we, do you think now, relative to the level? Are you shipping to end demand? 'Cause clearly there's not much replenishment. Is there still some pockets of reduction? Just are you still shipping below end demand, do you think? No, I think we ship to end demand. What it's happening is that we are four years forward. We are starting to see the new systems come again. Yeah. Customers, I don't think they are building inventory. I agree with your assessment. Of course, they don't tell us, but that's my view right now. I don't think they are building inventory. There is also not anxiety in the market. I think this is just a healthy, broad demand on the industrial side. Who knows? You know. Yeah. We've seen some other markets where shortages generated a lot of demand. We don't wanna be short this time. We wanna be ready for that. That's what drives our decision, Joe. Again, let's look at it quarter by quarter. Mm-hmm. Call it out as we see it. Okay. Okay. Automotive, kind of a very different shape of a cycle. You're at peak, but it never really came down that much, and it's grown. There seems like there's still pretty strong underlying growth. I think I'm bullish. I don't know if that's playing out or not. Like, the last three months has been the question, but it feels like there's indications that inventories are low. You've seen disruption around some of the geopolitical stuff that you mentioned. You know, are we ready for automotive to start a more meaningful recovery, do you think, or is it demand dependent? How are you thinking about the automotive market? I think high-level strategically, and let's talk about next five to 10- years, I totally agree with you, Joe. I think content addition is still ongoing. A lot of people get hung up about the powertrain. You know, we see growth in all sectors of the automotive, you know, including ADAS, which is, it's the early innings of additions, especially across the portfolio of cars. The body electronics, with more comfort inside a car, more infotainment inside a car, and even the safety systems are being redesigned with the brake-by-wire and other actuators that are coming into the car. Chassis control, that is a cool application. I think early innings of this addition. At least for the next five to 10- years, I think content addition continues to grow. This is why we've seen a 12% CAGR for TI in automotive for the last 12- years. You're right, it never corrected down. It kind of plateaued at the peak. Yeah. I think what you're talking about is more tactical. China, yes, there was a very strong 2025. Q4 was our peak quarter in automotive in China, ever, okay. Yeah. you know, the incentives are going away. Yeah. Maybe there is a small correction. They built some inventory. I think it's a bump in the road. Okay. I think, there is a lot of opportunity ahead, for the foreseeable future. You take it decades from now, it will plateau because of saturation of content. Yeah. By that time, we have so many other end equipment like robotics. I think data center continues. In general, these three markets have a lot of opportunity ahead. Within automotive, China is becoming so important. A lot of the innovation is there at this point. You do have domestic competition that at least there's a lot of concern that investors have. Can you talk about competing in China in the automotive space? Yes. First, you know, in China, this is where we have, you know, had a little challenge during the COVID cycle because of supply shortage. That's actually driven some of our decisions to Divert or to bias our supply into the industrial automotive data center market. If I talk about TI, at 75% of our revenue is in these three markets. In China, it's actually higher. It's more than 85% in these three markets because we were, you know, not supporting well the PE market. I will say that the competition in China is intensifying, and it's a function of the really the customer base. The customer base is very fast-moving. The demand for speed and urgency is high, but also the demand for a broad portfolio and quality and high performance. We compete. What I'm proud about, you can see our results even in 2025, TI has grown share in China. If you look at our growth in China, above 25% in 2025, and automotive was a big part of it, that was faster even than the local competition. I think the way you compete in China is first with your competitive advantages. You know, you can argue that there is a very competitive price point you have to compete in in China, but we have our internal manufacturing where we don't have to share- Yeah. The profit with anyone, not with the foundries and not with the OSATs, right? That's one advantage. The broad portfolio is crucial, especially in the markets I've mentioned. Instead of solving the problem with 15 different companies, which is the case of the local competition, you can solve it with company TI. In the markets of industrial, automotive, data center, performance and quality, especially on the automotive market, is very important. You need to have the stomach and the quality discipline to compete in automotive, even in China, and especially as they are exporting more and more of their vehicles across the world, if it's in South America, if it's Southeast Asia and Europe. I think TI held its own, if not gained, and I'm excited about that. Having said that, we are highly respectful of the competition. Mm-hmm. We are studying them every quarter as they release the results. We look at the parts they release to market every time there is a new part, and we learn. We've learned that these these competitors are fast-moving, like their customers, like our customers in China, and cannot be ignored. Okay, that's helpful. For a decade, you've been pretty consistent that the focus areas for TI are industrial and automotive. Now you've added data center to that, and I think everybody would agree with that prioritization, given everything that's going on. As a CEO, what does that mean? Like, when you say that's a third priority area now, how are you focusing around opportunities in data center? I think it's a couple of points. First, it's really allocation of capital. Number one and foremost is, you know, R&D. In data center, we have identified the trend of higher power density, higher power consumption, that needed us to work on our technology, actually, our process technology and package technology. That is a journey that we've embarked upon 5, 6 years back. We've identified that as a priority then. Luckily, these investments are coming to fruition, whether it's if it's in a BCD node for VRM and, you know, serving the last inch of of the of feeding or delivering power to that GPU or ASIC or CPU. We've invested in GaN 15 years ago, but to support the GaN requirements in data center, we had to update and accelerate actually our R&D, and we've done that. The second thing is the product portfolio. Build a portfolio, both general purpose and application-specific. I've mentioned that on general purpose, we've done very well. The predominant, footprint of TI right now in 2025 and before is on our general purpose business. We have hundreds of sockets we can fulfill on a board and sometimes thousands of different sockets on a rack. We wanna add to it the more application-specific that needed these new technologies. This is almost a one-two punch for us. We have done that very well. On the industrial and automotive, I remember, you know, discussions in TI back in 2010 when we were very heavily based in phones and in base stations and in ASICs, we said, "That's not our future. Our future is industrial and automotive." This is where the acquisition of National helps us to accelerate into automotive. Moreover, the portfolio has strengthened tremendously, and we've now been at it for 15- years. The broad portfolio we see is, I think, second to none in these markets in our area of analog and embedded, and very pleased with where we are right now. Great. We have four minutes left. Let me see if we have questions from the audience. Yes. You can find it on our website. Other questions. I think, maybe I'd love to ask about your microcontroller strategy. Mm-hmm. You know, I know you haven't been happy with embedded performance, but there's some elements of pulling away from some of the base stations, stuff, things like that. How do you feel now about your direction in microcontrollers and your ability to outgrow the embedded markets from here? Yeah. First, just, not happy is not the right description. I would say proud but not satisfied. Okay. Yes. I am very proud of the, of the inroads we've made into the embedded market and specifically to the, call it the more broad MCU, catalog MCU market, and also more application-specific. What we have said, and I said it also on the, someone asked about Silicon Labs before during the acquisition call, is that I think the right way to do it is build it organically. Mm-hmm. When you look at the pure MCU companies, the number of architectures and portfolio permutations they have is so broad that it's very, very hard to internalize it. I think Silicon Labs was very unique in the sense that they had a very efficient platform. Yeah. discipline, and that was something that we find very rarely. In the case of the MCU market, I think we have to build it ourselves. I see a lot of momentum here. Yeah. Our portfolio is broadening quickly. Our portfolio is now entirely running internally. It used to run, you know, two years ago, our 65 nanometer or embedded flash 65 nanometer controllers were all running in the foundries. They are now all internalized at high yields and at very high performance. That is the plan moving forward as we move into 28 nanometer. This is where we can start to build a more sophisticated MCU with higher memory footprints and higher content per chip. Very excited about that. Okay. A lot of room to go. The opportunity in embedded is very, very similar in terms of the growth of the analog one. Our portfolio is the one that has to be built. We'll stay very persistent in continuing to build it. Okay. Yeah, there's been a lot of good feedback on the product families and the new. We did some survey work that showed TI at the top of the list, so. A lot of work to do. When I said unhappy, you know that market share had to come down. Market share I mean, this is part of the quote-unquote difficult. Yeah. What we like, the mode of this market, nothing happens quickly. Yeah. It's almost like a delayed gratification type of work. You do the work now, you'll see the results. Sometimes we say we are building a business for our kids and grandkids. Right. We are starting to see results coming in. I think we've started to nudge market share up in the last year, and we have more room to go. I see a question at the holdups over there, Joe, if you wanna take it. Okay. Hi, thanks for taking my question. I was curious just, you know, obviously at the capital markets today, you have quite a bit of capacity and ability to gain share, but how are you feeling about that relative to industry capacity, which seems to maybe be reaching, you know, peak, not peak, but high utilization rates like we've seen from GlobalFoundries and some of your peers, as well as on the packaging side as we move forward? I think your question relates to what I described before, I don't wanna call out 2026, but I think the setup is very appealing in the sense of, yes, you go and some of the foundries in China are reporting utilization. They are up there. We are starting to see hotspots, not in TI, but areas in the market that we can fulfill. Right now, the way I think about it strategically, let's gain share, okay? Let's use that opportunity to get on the board and to increase our footprint. You know, later on, market price will do what it needs to do, but I think that's an opportunity. The last point, I invite you to check a little bit what's going on in the biggest foundry in the world in Taiwan and what they have done with their legacy, supply, or fabs. I mean, there is a lot of conversion into advanced packaging houses, and that's also something that presents an opportunity for TI. We'll have to wait and see. It hasn't come to fruition yet. I don't see anxiety in the market like we see in other parts of the market in different types of semiconductors. I can promise you one thing, if the opportunity presents itself, we will be ready, both with capacity, to your point, but also with in-inventory. With that, we'll wrap it up there. Thank you so much, everyone. Thanks, Haviv, for. Thank you, Joe. Okay.