Good morning, and thank you for attending today's VPG first quarter 2023 earnings conference call. My name is Danielle, and I will be the moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star followed by one on your telephone keypad. It is now my pleasure to hand the conference over to our host, Steve Cantor, Senior Director of Investor Relations. Steve, the floor is yours. Thank you, Danielle. Good morning, everyone. Welcome to VPG's first quarter 2023 earnings conference call. Our Q1 press release and slides have been posted on our website at vpgsensors.com. An audio recording of today's call will be available on the Internet for a limited time and can also be accessed through our website. Next slide. Safe Harbor statement. Today's remarks are governed by the Safe Harbor provisions of the 1995 Private Securities Litigation Reform Act. Our actual results may vary from forward-looking statements. For a discussion of the risks associated with VPG's operations, we encourage you to read our SEC filings, including the Form 10-K for the year ended December 31, 2022, and our other recent SEC filings. On the call today are Ziv Shoshani, CEO and President, and Bill Clancy, CFO. Now I'll turn the call to Ziv for some prepared remarks. Please refer to slide three of the quarterly presentation. Ziv? Thank you, Steve. I will begin with some commentary on VPG's consolidated financial results and sales trends for the first quarter. Bill will provide financial details about the quarter and the outlook for the second quarter of 2023. Moving to slide three, we achieved another solid quarter for VPG. We recorded revenue in line with our expectations. We increased our gross margin sequentially and year-over-year. Order trends improved through the first quarter as orders grew 13% from the fourth quarter. We generated $8.4 million of cash from operations and $4.9 million of free cash flow, which supports our capital allocation strategy to grow shareholders' value. Moving to slide four, looking at the first quarter results in detail, we reported sales of $88.9 million, which was 1.4% higher than a year ago and 7.7% lower sequentially. Changes in foreign currency rates impacted our revenues. FX reduced our total Q1 revenues by $2.4 million compared to a year ago, but had a favorable $1.7 million impact compared to the fourth quarter. Orders of $83.1 million grew 13.1% sequentially and strengthened through the quarter. Orders rose in all three reporting segments, growing 8.2%, 6.2%, and 30% for the sensors, weighing solutions, and measurement systems, respectively. The sequential growth was seen in the majority of end markets, indicating an improved business environment due to the timing of project-driven orders and the depletion of inventories by customers. This contributed to a book-to-bill ratio of 0.94. As I indicated, we improved our adjusted gross margin. In particular, adjusted gross margin for our sensors segment was 41.2%, up from 37.6% in the fourth quarter, which had been impacted by temporarily manufacturing inefficiency. In terms of our supply chain, over the past two years, we have done a good job navigating through the global challenges and shortages. While our supply chain is improved from a year ago, it is still not fully back to pre-pandemic levels as we are still experiencing isolated shortages of components, particularly in our measurement system segment. For example, shortages of key microchip component led us to redesign a DTS product in the first quarter to improve our supply chain availability. While we estimate these shortages will delay approximately $1.5 million of revenue per quarter for the next two quarters, we expect to ship the majority of the delayed shipment by Q4 of this year. In addition, we continue to experience higher costs for some materials. In the first quarter, we were impacted by $700,000 of higher cost compared to the fourth quarter, mainly in our weighing solutions and measurement systems segments, which we offset with higher selling prices in our ongoing cost reduction programs. In the first quarter, we generated an adjusted EBITDA margin of 15.9% and adjusted diluted net earnings per share of $0.52. I'll now review our business segment performance in the first quarter. Moving to slide five, b eginning with our sensor segment, first quarter revenue of $36.7 million declined 2.7% from a year-ago and was 1.1% higher sequentially. The growth from Q4 of 2022 primarily reflected higher sales of Precision Resistors in the avionics, military, and space market. The sequential growth for Precision Resistors offset lower sales of Advanced Sensors in the consumer market as our customers continue to work down the inventory levels. While book-to-bill for sensors was 0.82, orders of $29.9 million grew 8.2% sequentially as we grew orders for Precision Resistors in the test and measurement by 22% and in AMS by 95%. As we have discussed before, the timing of large orders can fluctuate from quarter to quarter based on customer schedules. Orders for Advanced Sensors were soft in the consumer market in Q1, but w e expect demand to improve gradually in the second quarter. As part of our strategic initiatives to secure design wins in new emerging applications for our Precision Resistors, we are seeing growing customer interest in our solutions in data center, fiber optics, and EV battery management. In both of these new applications, we believe our Precision Resistors add value in terms of consistency, reliability, and performance for our customers' equipment. In addition, we are very optimistic about the long-term prospects for Advanced Sensors in a number of emerging markets, including robotics for industrial applications and medical applications. In terms of operating results for sensors, adjusted gross margin of 41.2% improved sequentially from 37.6%, primarily due to manufacturing efficiencies and favorable foreign currency exchange rates. Moving to slide six, t urning to our weighing solution segment. First quarter sales of $31.9 million was 2.8% lower than a year ago and 3.7% lower compared to the fourth quarter. The sequential decrease in revenue was attributable to lower sales in the industrial weighing market, partially offset by higher revenues in the transportation market. We continue to be pleased with our OEM sales to the Precision Ag and construction equipment markets. While this was modestly lower sequentially, it grew 42% from a year ago. Book-to-bill for weighing solutions was 0.9. Orders of $28.7 million were 6.2% higher than in the fourth quarter, mainly due to a stronger demand in our on-board weighing products. We continue to move forward with growth initiatives for our weighing solutions business with new innovative solutions. We are now in the final testing of new line for off-the-shelf load cell sensors called vLite, which we expect to formally launch later this year. This technology is lighter and more compact than our previous version but provides the same high-level accuracy and reliability. Customers' feedback for this product have been positive and we believe this technology can give us competitive edge to gain share in our traditional weighing market, particularly for legal, for trade retail applications such as supermarkets, checkouts, scales, as well as portable medical equipment such as incubators for premature babies, infant scales, and hospital beds. Weighing solutions gross margin of 34.9% compared to 33.4% in the fourth quarter. The sequential increase in adjusted gross profit margin was primarily due to favorable foreign currency exchange rates, partially offset by lower volume. Moving to slide seven, t urning to our measurement system segment. Revenue in the first quarter of $20.3 million grew 18.3% from a year ago but declined 24.4% sequentially. The sequential decline reflected lower revenue of products in the steel market and our Diversified Technical Systems, DTS products in the transportation market. Adjusted gross margin in the first quarter for measurement systems softened sequentially to 54.1% from 56.8%, primarily reflected the lower volume and higher material costs, offset by higher selling prices. Book-to-bill ratio for measurement systems was 1.21, as orders of $24.5 million grew 30% sequentially, driven by 49.4% increase for steel-related bookings. Order patterns can fluctuate quarter-to-quarter due to the timing of customer projects and long lead times for these products. As I indicated, a redesign of one of DTS products will delay approximately $1.5 million of revenue for each of the next two quarters. We expect to recover the majority of these revenues in the fourth quarter. Despite this short-term challenge, we continue to be excited about key growth opportunities and development milestones for measurement systems. For instance, we were pleased that a sports safety project was extended for DTS, which involves using their technology to improve the safety of football players by developing new methodologies for helmet-to-helmet concussion testing. Our miniaturized flexible data logger is embedded inside the mouth guard and can measure acceleration, rotation, and direction. The data can then be used to develop safer equipment, including helmets, more effectively. While this project is relatively small in terms of revenue for VPG, it does represent the potential of our technology to address real-world safety challenges. Another DTS initiative we are excited about is the WIAMan Project, in which we have developed a test dummy for the U.S. Army to assess potential injuries for soldiers exposed to underbody blasts. While the main partner for this project was the U.S. Army, we recently received approval to market this technology to U.S. allies around the world, and we are already seeing interest from potential new customers. Moving to slide eight, before turning the call to Bill, I want to comment on our strategy for growth and for allocating our capital to increase stockholder value. There are many reasons to be excited about the long-term potential for VPG. Over the past several years, we have seen applications for our high-performance sensors and precision measurement solutions broaden into new areas and markets beyond our traditional markets. As both exciting and new OEM customers seek to differentiate their products, at the same time, we have seen investing in our technology and operational capabilities to position us to capture growing share of these emerging opportunities. I believe it is this convergence between the expansion of market opportunities and our ability to address them that has been one of the key drivers of our growth over the past several years. At the same time, are also continuing our cost reduction and operational excellence initiatives around the company. As we continue to drive this strategy, we are confident that our strong balance sheet and ample liquidity can continue to support a capital allocation strategy that creates shareholder value through organic growth, successful M&A, and as warrant stock repurchases. I will now turn it over to Bill Clancy for additional financial details. Bill. Thanks, Ziv. Moving to slide nine. Referring to the slide and the reconciliation tables of the slide deck, in the first quarter of 2023, we achieved revenues of $88.9 million, gross profit of $37.2 million or 41.9% of sales, operating income of $9.9 million or 11.2% of revenues, and diluted net earnings per share of $0.51. On an adjusted basis, our gross profit was $37.2 million or 41.9% of sales. Operating income was $10.1 million or 11.4% of sales, and our diluted net earnings per share was $0.52. Our first quarter revenues decreased 7.7% compared to $96.2 million in the fourth quarter of 2022, and we're at 1.4% above the first quarter a year ago. Foreign exchange for the first quarter negatively impacted revenues by $2.4 million compared to a year ago. Positively impacted revenues by $1.7 million as compared to the fourth quarter of 2022. Gross margin in the first quarter was 41.9% as compared to 41.2% in the fourth quarter of 2022, which benefited from favorable foreign exchange rate and manufacturing efficiencies, partially offset by lower volume, higher material costs, and wage increases. On an adjusted basis, our first quarter gross margin was 41.9% as compared to 41.5% in the fourth quarter of 2022. Our operating margin was 11.2% for the first quarter. Adjusted operating margin in the first quarter was 11.4% as compared to 14% in the fourth quarter of 2022. Selling, general, and administrative expenses for the first quarter were $27.2 million, or 30.6% of revenues, as compared to $26.7 million, or 30.4% of revenues for the first quarter of 2022. The increase in SG&A of $500,000 mainly relates to $500,000 for headcount and wage increases, $500,000 for travel, and $300,000 of commissions, partially offset by $900,000 of positive foreign exchange rates. The adjusted net earnings for the first quarter were $7 million or $0.52 per diluted share compared to $6.6 million or $0.49 per diluted share in the first quarter of 2022. Adjusted EBITDA was $14.1 million or 15.9% of revenue compared to $12.6 million or 14.4% of revenue a year ago. Purchase CapEx in the first quarter of 2023 was $2.6 million, the majority of which reflects equipment purchases and related infrastructure. For fiscal 2023, we expect purchase CapEx to be in the range of $18 million-$20 million, which includes approximately $7 million in carryover spending from 2022. Our adjusted free cash flow was $4.9 million for the first quarter of 2023 as compared to a -$4.6 million for the first quarter of 2022. We define adjusted free cash flow as cash from operating activities of $8.4 million, less capital expenditures of $3.5 million. The GAAP tax rate in the first quarter was 24.1% as compared to 20.7% in the first quarter of 2022. We are assuming an operational tax rate in the range of 23%-25% for the full year of 2023. Moving to slide 10. We ended the first quarter with $93.3 million of cash and cash equivalents and total long-term debt of $60.8 million. Regarding the outlook. For the second fiscal quarter, we expect net revenues to be in the range of $83 million-$93 million at a constant first fiscal quarter 2023 exchange rates. In summary, we've achieved solid performance in the first quarter of 2023. We grew our orders in the quarter, which underscores the strength of our business model and strategy, and we continue to implement a balanced capital allocation strategy aimed at increasing our long-term shareholder value. With that, let's open the lines for questions. Thank you. Certainly. If you would like to ask a question, please press star one on your telephone keypad. If for any reason at all you would like to remove that question, please press star two. Again, to ask a question, please press star one. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking your question. We will pause here briefly as questions are registered. The first question comes from the line of John Franzreb of Sidoti & Company. Please proceed. Good morning, Ziv and Bill, and thanks for taking the questions. Ziv, I'd like to start with the discussion around the redesign of the DTS product line. Could you give us a little bit of color about what you did to redesign the product? When you talk about the deferred revenue of $1.5 million per quarter, does that mean revenue in the measurement systems business will be lower in Q2 by 1.5 versus Q1? Or is there some other backfill that will offset that? Good morning, John. Regarding the redesign at the DTS product, this is one of the products that DTS has launched. Our product for DTS, as you know, DTS is a business where they are producing electronic system solutions. Our product use various components and microchips. The supply for some of these have been challenging to the pandemic while we were able to secure inventory. A critical microchip component very recently the supplier has stopped supporting that and given. Therefore, we had to redesign the system around a different microchip. While we know that the new microchip there is a availability of those microchips of the new supplier, we expect that orders or bookings and shipments that were expected to be delivered for this specific system in the second and third quarter will be pushed out to the fourth quarter. In order to mitigate that, in order to mitigate the effect, we have several similar systems. There are a few generation of systems, and we are trying to promote a similar product with a similar spec in order to mitigate the revenue effect. For those customers that would specifically require this system's performance, the expectation is that once the new system will be redesigned with the new component, we would be able to provide the deliveries and the expectation it would happen in Q4. Okay. You have the orders for the new system. It needs to be, I guess, requalified, produced, and you expect to recover about $3 million in Q4 that was lost in Q2 and Q3. Do I understand that properly? Naturally, for those type of products, the delivery is. The lead time delivery is very short. Therefore, in most cases, we deliver out of stock. Currently, based on the, you know, the discussions with customers, currently, We don't have the bookings, but the expectations are that once we will have the bookings, we would be able to deliver them. Given the fact that we have announced that this product is not available currently, we do not expect- Mm-hmm -to get the booking. As I said. Okay. Alternatively, we are trying to push to get the bookings for a similar product or similar systems with similar performance. Got it. That helps. That actually helps a lot, Ziv. Thank you. Then just shifting to the sensor segment. Another quarter of weak book-to-bill, although it sounds like the order cadence picked up. As you look at the year and maybe the cadence of the revenue profile in light of the bookings and orders, are we probably looking at a year where the sensor segment is probably down full year-over-year? Or is there something else, maybe inventory reset or something that something else that's going on in sensors that gives you confidence that the second half revenue will be better than the first half? Given our visibility, as you saw, Q1 has a higher bookings of the sensor segment in respect to the prior quarter. There are two moving parts. On the Precision Resistors, we do continue to see very strong bookings on the test and measurement for semiconductor, for fiber optics data centers, and for avionic, military, and space. While on the sensor side, on the gauges side or the Advanced Sensors side, the big, I would say, softening came from the consumer part. Our consumer customers are already we believe that they are already to the end of the cycle in depleting their inventory. Mm-hmm. The expectation is that we will already see in the second quarter higher bookings. I would say that the business environment that we are expecting to see in the second quarter is expected to improve in respect to the first quarter, and we expect to continue to see that also further during the year. All- in- all, we have a very positive prospects regarding the business climate regarding sensors as we move along the year. Okay. I guess one last question, I'll get back into queue. You mentioned higher costs in the quarter. I, maybe I didn't quite understand this properly, but it sounded like there was a net $700,000 of adverse cost recovery, but you did mention also that you are implementing higher prices. I wonder, A, if I understood that properly, and B, when do you expect to get to a price cost equilibrium given your pricing actions to date? Okay. When we speak about cost, there are a few aspects. One aspect is that, if you can recall in Q4, we have discussed some temporary inefficiencies in the sensor segment, which we have recovered in Q1. The second piece is the material cost. We continue to see material cost increase in Q1 of $800,000 in respect to Q4, and $1.2 million up in respect to Q1 of last year, to prior year. This is mostly in the weighing solution and measurement systems, and it's mostly for various electronic components. We continue to pass those higher costs in form of price increases. For example, year-over-year, the ASP, Average Selling Price increase is $1.1 million, which offsets the material cost increase. Compared to prior quarters so far, we have increased prices by $400,000, we're able to offset higher costs by additional cost reductions. The company is expected to increase prices or even higher prices as we move along this year. If you can recall, last year, all- in- all, the company in 2022 have realized approximately $9 million from higher selling prices, which essentially offset higher material costs and labor costs. The intention is to continue and to do it also this year, while applying more price increases at selective product lines in addition to the cost reduction projects. Got it. Thanks, Ziv. I'll get back into queue. Thank you. The next question comes from the line of Griffin Boss of B. Riley Securities. You may proceed. Hi, good morning. Thanks for taking my questions. I'm glad to see the increasing book-to-bill across the board. Measurement systems was obviously a standout on that front. Two questions for me on that one. First, is steel the only factor that's driving the strong book-to-bill in measurement systems, or are you seeing positive demand trends in other end markets? Second related, what is driving that strong growth in steel? Is that primarily the timing of annual orders, or are you seeing any new customer wins there? The strong growth in steel is coming from increasing steel prices, mainly in Q1. China, who produce more than 50% of the world steel output, the expectation is to increase. The volume went up by 6.1% year-over-year. Also the fact that India, which is the second largest producers, have decided this is a nationwide program to invest in steel production in order to make India more as an industrial country. There are major steel investments in India in terms of adding more steel capacity while also buying more sophisticated equipment at universities, research centers, in order to develop more, I would say, more modern, lighter and stronger alloys, which also impact our steel business, in the measurement systems. That's regarding the steel production. The other trend, as I indicated, is the Precision Resistors, which is driven by semiconductor test equipment, as well as avionic, military, and space demand. Now we see also consumer electronics coming back as they reach the point where they have to start to replenish the inventories. Those are, I would say, first order effect of the three key drivers for the higher demand going forward. That's great. Thanks for the color there. I appreciate it. Maybe one for Bill here. Can you give us some more color on the cadence for CapEx? Because Q1 came in much lighter than we modeled. I know you reiterated the $18 million-$20 million for the year. I'm just curious the cadence there. Is it picking up in the back half of the year, or should we just expect higher CapEx in 2Q through to 4Q? Yeah. Griffin. You saw that, you know, the capital spending was $3.5 million. W e do expect to have more of the capital spending, I would say, in the back end of the second half of the year, but still within that $18 million-$20 million target for the full year. Okay. All right, great. Thanks. Just another sort of housekeeping one. Saw you guys repurchase $2.7 million worth of stock in the quarter. Can you just remind us how many shares are left under that authorization? I just want to reiterate your point, I mean, the stock repurchase during the first quarter of 2023 was zero. We still have approximately 515,000 shares, you know, within that program, to be warranted. Got it. Sorry. Yeah, I misread, through 1 Q 2023. I thought that said- Right. ... in 1 Q 2023. Okay. All right, great. Appreciate it. That's it for me. Thanks. Thank you. Thank you. The next question comes from the line of Hendi Susanto of Gabelli Funds. You may proceed. Good morning, Ziv, Bill, and Steve. Good morning. Good morning. Good morning. Yeah. My first question is, I think this time management mentioned about Advanced Sensors for avionics, military, and space. May I know, like, would you be able to share more colors on what your Advanced Sensors product footprint in avionics, military, and space? I'm sorry, the avionic military and space applications are more relevant for Precision Resistors. The consumer electronics and the robotics applications for medical and the robotics for industrial and medical applications are more relevant for Advanced Sensors. We are not selling into the avionic military and space Advanced Sensors. This was maybe a misunderstanding on my part but o nly Precision Resistors we are selling to that end market. Oh, okay, yeah. I saw that on the press release. Okay. Maybe just the wording. A nd then, the second one is, Ziv, you mentioned about price increase, that will be coming, further in 2022. A nd then you mentioned about the last year, $9 million from higher selling prices. I n terms of like percentage of ASP, do you have any estimate whether the price increase will be like low single digit or whether, any color on that will be helpful. If I can recall, the $9 million last year was round about low to mid-single digit. The expectation probably is to do the same order of magnitude this year. F rom a- And then- ... overall company perspective in respect to revenues, naturally. Okay. In terms of the timing of the price increase, is it, like, can you apply price increase on existing backlog or, does price increase apply like to new orders? Naturally, given our backlog, any price increase, once we once we apply price increase, you know, given we discuss with our customers, the price increase cannot be applied on existing backlog, only for new orders. We are looking about round about one quarter delay given our backlog. When I speak about future price increase, I speak about already price increase that has been applied to prior orders while we should expect to see them flowing into the P&L in the coming quarters, as we saw already in Q1. That's helpful. Last question, for Bill. Bill, you mentioned the tax rate will be 23%-25% for this year estimate. That is lower than the past few years. May I inquire the main drivers for the lower tax rate? I'm wondering like, what is the baseline for tax rate going forward? Yeah. The tax rate is always based upon the mix of the income where it's earned in the various jurisdictions. Yeah, we should be in that range of like 23%-24%. That's where, you know, we have been over the last few years constantly looking at ways to lower our tax rate as much as possible. Given where the mix of income is being earned, that's where the tax rate is coming at today. Okay. Thank you, Bill. Thank you, Ziv. Thank you. Thank you. As a reminder, it is star followed by one on your telephone keypad to ask a question. The next question is a follow-up from John Franzreb of Sidoti & Company. You may proceed. Yeah. I'm just curious about your thoughts about debt repayment versus share repurchases going forward? Well, John, we look at, you know, from a cash generation, we look at, you know, all of our capital allocation strategies as to, you know, what is the best way of mechanism utilizing, you know, to pay down the debt. We also are earning significant interest income with our cash. Also more importantly, the strategy of the cash repurchases given, you know, what the board has set up for us. Right. And your thoughts in light of that in a higher interest rate environment, why wouldn't more cash be used to reduce debt? I guess, is what I'm wondering. Yeah. I mean, John, our goal would be. Of course, there will be consideration. Yeah. Okay. I get it. Like I say, John, definitely our goal and is to reduce the debt, you know, given like unfortunately, the majority of the cash is generated outside of the U.S. Having said that, our goal is to focus on driving, to paying down the debt to lower the interest expense. Maybe I just don't appreciate, of the $93 million in cash, how much of that is outside of the U.S.? Approximately 94% is outside the U.S.. Okay. All right. That helps a lot though, Bill. Okay. Yeah. All right. That's it. I was just curious about that. Thank you, guys. Thanks for taking my follow-up. Thank you. The next question is a question from Bill Dezellem of Tieton Capital. Please proceed. Thank you. That's Tieton Capital. Your book-to-bill is directionally beginning to improve. When are you anticipating that the overall company book-to-bill will be above one? With that in mind, you know, as you look out over the various industries that you serve, where do you anticipate the most strength over the remainder of the year, and what are the dynamics that you're seeing that will lead to that? I would say regarding the bookings, as you indicated, the bookings for Q1 have increased by $9.6 million in respect to Q4. Given the solid demand of orders with an upside expectation, we do expect also to see an improved bookings in the second quarter in respect to the first quarter. At the same time, we also expect to continue and deliver at the similar revenues as the first quarter. It's hard to tell when those two points are going to meet, but no doubt that the trend, we are on the positive trend as we see an improved business environment. Regarding the deliveries, currently we are shipping based on customer schedule, but we are very, I would say we are still optimistic if nothing, you know, changes from an overall perspective. We are, I would say, quite at this point, given our visibility, we are optimistic regarding also the second half of the year. I'm sorry, what was your other? R egarding which end market at this point are doing quite well, and at least based on what we know today, are expected to continue to do well. As I mentioned, our test and measurement business for semiconductor equipment, some of the other emerging markets for Precision Resistors in respect to data center fiber optics equipment, we continue to see strong demand. Consumer electronics business on the strain gauges, on the Advanced Sensors is expected to improve the demand. Avionics, military, and space business still continues very strong. On the measurement systems, we spoke already about the steel business and the driving demand behind that. Regarding weighing solutions, given the vLite and some of the developments that I've talked during the call, we should also expect to see some, I would say, a potential upside regarding the demand in the industrial market. That's helpful, Ziv. You made a comment that I just want to make sure I heard correctly. I think you said referenced improving business conditions. Did we hear that correctly? If so, would you kind of tie that in relative to all of the macroeconomic talk with the Fed trying to slow the U.S. economy, etcetera? It sounds like it's a bit in contrast to that. I would say that our insight regarding the improved business environment is given our visibility and the discussions with customers. At this point in time, once we are looking at few, I would say few vectors. One vector is the depletion of our inventories at our customers. As we see customers continue to deplete the inventory, and they are reaching a point where they will have to start to replenish that. I assume that's a good sign. Given the macro, even outside the U.S. and like, for example, the development in India, we believe that this is expected to continue through the rest of the year. Naturally, you know, nobody has a crystal ball, but at least based on the indications today, we are more optimistic than pessimistic in respect to the coming quarters. Great. Thank you. Lastly, relative to Advanced Sensors, would you share with us what the pipeline of prospective opportunities looks like there. That's a business that had been growing very rapidly, and we just haven't talked very specifically about it on this call. Advanced Sensors did grow very rapidly over the last few years. We are selling to various markets, but the big prospects are still in consumer electronics. We are looking at potential new designs at existing and new customers. We are looking at robotics application, robotics for industrial and medical applications. Naturally, the design cycle for those for our customers, for our OEM customers is around 2 years- 2.5 years. But we have already initiated many.- w e have planted many designs at various customers, and the expectation is that we are going to see in the coming, I would say in the coming future, many of those designs coming to fruition and much more volume g etting to Advanced Sensors. At this point in time, from a macro standpoint, the biggest impact for Advanced Sensors was the consumer electronics supply and demand fluctuation, or I would say the inventories which are in the queue. This is more managing current designs rather than looking at future designs which are in the funnel, which should come to fruition to future revenues. It's still one of our most promising product lines. Thank you for the time. Thank you. There are currently no additional questions registered at this time, so I will pass the conference back over to Steve Cantor for any closing remarks. Thank you, Danielle. Before we conclude, I wanna let everyone know that we will be participating in a couple of conferences coming up. The B. Riley conference later in May, and also the Sidoti Small Cap conference in June. I'm happy to share any additional information, you can reach out to me directly. Thank you all again for joining the call, and have a great day. With that, we will conclude today's call. Thank you for participating. You may now disconnect your line.