管理層發言
Greetings. Welcome to the Aehr Test Systems Fiscal 2026 Third Quarter Financial Results Conference Call. Please note, this conference is being recorded. I will now turn the conference over to your host, Jim Byers of PondelWilkinson Investor Relations.
Thank you, operator. Good afternoon, and welcome to Aehr Test Systems Third Quarter Fiscal 2026 Financial Results Conference Call. With me on today's call are Aehr Test Systems' President and Chief Executive Officer, Gayn Erickson; and Chief Financial Officer, Chris Siu. Before I turn the call over to Gayn and Chris, I'd like to cover a few quick items. This afternoon, right after market closed, Aehr Test issued a press release announcing its third quarter fiscal 2026 results. That release is available on the company's website at aehr.com. This call is being broadcast live over the Internet for all interested parties, and the webcast will be archived on the Investor Relations page of the company's website. I want to remind everyone that on today's call, management will be making forward-looking statements based on current information and estimates, subject to various risks and uncertainties that might cause actual results to differ materially from those in the forward-looking statements. These factors are discussed in the company's most recent periodic and current reports filed with the SEC. These forward-looking statements, including guidance provided during today's call, are only valid as of this date, and Aehr Test Systems undertakes no obligation to update the forward-looking statements. Now, I'd like to turn the conference call over to Gayn Erickson, President and CEO.
Thanks, Jim. Good afternoon, everyone, and welcome to our third quarter fiscal '26 earnings conference call. I'll start with an update on the key markets driving our business and the strong demand we're seeing, particularly from AI and data center infrastructure. Chris will then review our financial results, and we'll open up the call for questions. We're very pleased with the strong momentum in our business across multiple market segments, highlighted by more than $37 million in quarterly bookings and a book-to-bill ratio exceeding 3.5x. Our effective backlog, which includes the backlog of $38.7 million at the end of the fiscal third quarter plus additional bookings received since the end of the quarter, is now over $50 million, a new company record. After generating approximately $20 million in bookings in our fiscal first half, we're already 2.5x that in second-half bookings, and now expect to come in on the high side of the $60 million to $80 million in second-half bookings I mentioned last quarter. Demand continues to accelerate across both package level and wafer level burn-in, driven by increasing semiconductor complexity, power requirements and deployment in mission-critical AI, networking, automotive and industrial applications. As devices become more advanced, the need for comprehensive test in burn-in is becoming essential to ensure reliability and performance. This is driving growing adoption of our solutions across multiple markets. During the quarter, we continued to make progress in growing our installed base and expanding to new customers with our wafer-level burn-in solutions. AI wafer-level burn-in is very popular right now. We received a $14 million follow-on production order from our lead wafer-level AI accelerator processor customer for multiple new fully automated FOX-XP wafer-level burn-in systems to be used in data center training and inference applications. The order included multiple additional FOX-XP wafer-level test and burn-in systems, each configured to test nine 300-millimeter wafers in parallel, along with a set of Aehr's proprietary FOX WaferPak full wafer contactors and a fully integrated FOX WaferPak auto-aligner with each system to enable hands-free operation in high-volume production. In addition, the order included multiple additional FOX WaferPak auto-aligners to upgrade the customer's existing installed base of FOX-XP systems to full automation. Aehr is the first company to successfully demonstrate and ship a wafer-level burn-in solution for AI processors. Our FOX-XP systems configured for very high power, high current AI processors began shipping last year and provide the highest power per wafer capability available in the market, delivering up to thousands of amperes of current per wafer. This order further expands our installed base of FOX-XP systems and adds full automation across the production lines, highlighting the growing importance of wafer-level burn-in to ensure the long-term reliability of today's very high power, high current AI processors. We're also actively engaged with multiple additional AI processor companies on benchmark evaluations and expect to make meaningful progress with those opportunities. Our benchmark evaluation program with a top-tier AI processor supplier continues to make good progress, but it's taking longer than we originally expected. This was due to a technical misunderstanding on the clock configurations, which created some challenges with the initial WaferPak designs. While we wish we would have been able to catch this earlier, we're taking device data now on their wafers with the current WaferPak design and redesigning the WaferPaks to meet the new requirements. We expect to continue to provide them with additional data on this WaferPak design as well as the improved one over the next several months. We have several other companies ranging from suppliers of data center-focused AI accelerator processors to edge AI processors and CPUs that are providing us with information on their devices and road maps and are asking about our wafer-level burn-in capabilities and recommendations for burn-in of their next-generation devices. There is significant interest in doing wafer-level burn-in for devices that are expected to be in advanced packages, such as TSMC's CoWoS-based packages that include dies such as HBM DRAM stacks, other compute AI processors and photonic or electrical-based transceiver chipsets. Burning out faulty devices before they're packed together with other devices is significantly cheaper than the yield loss if these are burned in at package level and the entire multichip package is thrown away. We recently announced a major new silicon photonics customer with an initial order for multiple high-power FOX-XP wafer-level burn-in systems for devices aimed at the hyperscale data center optical interconnect market. This customer is developing advanced silicon photonics-based transceivers for data center networking and optical I/O applications to address the rapidly accelerating demand for high-speed fiber optic communication links in hyperscale AI and cloud data centers. These multiple systems are for both engineering qualification and high-volume production and include a FOX-XP wafer-level burn-in system configured to test nine wafers in parallel, a fully integrated WaferPak auto-aligner, multiple FOX-NP wafer-level burn-in systems, and multiple full sets of FOX WaferPak full wafer contactors for production, engineering, and new product introduction. These systems are all scheduled to ship in this fiscal fourth quarter ending May 29, '26. They've also provided a forecast for multiple additional XP production systems over the next year as they ramp capacity to support next-generation hyperscale data center deployments. We believe this win positions Aehr to participate in what could be a significant multiyear expansion of silicon photonics production driven by the growth of fiber optic interconnects and hyperscale AI data centers. Additionally, we received a follow-on order from our lead silicon photonics customer for both the new high-power FOX-XP wafer-level system and an upgrade of an existing system to our latest high-power fully automated configuration. We now have fully integrated our systems and aligners with their autonomous-guided robots that carry around the 300-millimeter FOUP, so the customer can operate in a fully lights-out hands-free operation. They, too, have given us a forecast for additional production systems as they ramp into the next calendar year. As data center architecture scales to support AI, cloud computing, and high-performance networking, fiber optic interconnects offer significant advantages over copper wiring, including higher data rates, lower power consumption, longer reach, improved thermal performance, and reduced electromagnetic interference. These advantages are driving rapid adoption of silicon photonics transceivers across hyperscale and enterprise data centers worldwide and increasing demand for cost-effective production-proven burn-in solutions that can ensure device quality and long-term reliability at volume. Aehr is the market leader in wafer-level burn-in for silicon photonics transceivers with a large installed base at leading global semiconductor and photonics companies. The FOX-XP platform enables high parallelism, high-temperature, and high-power wafer-level burn-in, allowing customers to stabilize their devices, a critical manufacturing process step in the laser diode emitters for these devices, as well as to identify early life failures before packaging to significantly reduce the cost of testing. In gallium nitride and silicon carbide power semiconductors, we've been working with our lead GaN production customer on a significant number of new devices aimed at multiple markets that include automotive, intermediate bus conversion, data center, and electrical infrastructure. This continues to be a great partnership, and we believe we have solved the key challenges with full wafer burn-in of GaN devices. Wafer-level burn-in of their GaN devices for both qualification and production burn-in is an extremely valuable capability that is critical to their roadmap and plan, and we're both very excited to see them meet their growth projections. We continue to see GaN and silicon carbide power semiconductors as critical to the electrification of the world's infrastructure in addition to key market opportunities such as data center power delivery, electric vehicles, and charging infrastructure. We won a new customer in silicon carbide this quarter with a company in Taiwan, focused on the greater China EV market. They placed an order for a small configured FOX-XP system for qualification and production. Key elements of their decision included our ability to demonstrate all the capabilities they needed with our systems in Fremont, California, as well as the feedback they received from customers who have data and confidence in Aehr's wafer-level burn-in systems used for testing and burn-in silicon carbide wafers across a large number of silicon carbide suppliers. We see an uptick in activity and forecast from the silicon carbide players, especially as major OEM EV suppliers in Japan and Germany roll out a number of new EVs later this year. These EV suppliers understand the importance of wafer-level burn-in of these devices before they're integrated into modules containing many devices in parallel for the EV engine drive inverters. Aehr is recognized as the market leader and proven solution for wafer-level burn-in of silicon carbide devices used in EV inverters by a significant number of EV suppliers. We are still conservatively approaching forecasts from customers. While we have ample capacity and believe we have the world's most cost-effective and highest performance wafer-level burn-in solution available, we're not yet counting on significant revenue from this segment to return just yet. However, it could still be a very good performing segment for us next year. Let me talk about wafer-level burn-in for memory. Our engagement with a key memory supplier continues to progress with additional wafer testing just this last week. We've been able to reach the correlation they're asking for and are now in discussions about test system specifications needed for their next-generation flash memories, especially their high bandwidth flash devices. We hope to finalize this in the next few months, leading to a development agreement to supply systems and WaferPaks to them after a 12 to 18-month development of our new memory optimized blades for our FOX-XP and NP multi-wafer test and burn-in platform. We're also now in discussions with other key memory suppliers that produce high bandwidth memory, which is the new DRAM standard used in AI GPUs, in addition to standard DRAM and flash memories. The HBM memories are embedded into multichip packages with advanced substrates such as the CoWoS packaging from TSMC. NVIDIA's roadmap is aggressively pushing toward higher capacity and faster HBM standards to tackle the memory bottleneck in AI training and inference. We are observing added opportunities for HBM integrations with our FOX multi-wafer test and burn-in system roadmap that extends to flash, high-bandwidth flash, DRAM, and HBM memories. This is a key focus for Aehr this year to drive an agreement to cooperate with these customers in developing the necessary enhancements to extend our FOX systems into these markets. We believe this market could generate orders in fiscal '27 with ramp-ups in fiscal '28. Now turning to package-level burn-in. During the quarter, we announced a key production win with our lead package-level hyperscale customer. This customer is a premier large-scale data center provider and selected Aehr for production burn-in of their next-generation significantly higher-power AI processor with an initial production order of our high-power Sonoma systems. This next-generation AI ASIC is expected to move to production later this year and is believed to require even higher volumes than the first device that this customer is ramping our Sonoma systems on right now. We also expect a significant near-term follow-on order from this customer for package-level burn-in systems to support their high-volume manufacturing of their custom AI processors used in data center training and inference. They are forecasting substantial expansion of Sonoma system purchases beginning in the second half of calendar 2026 and continuing into '27. We believe there is likely to be overlapping ramps between the current and next-generation devices, which should significantly enhance both our installed base and long-term consumable opportunities with this customer. We're also engaged with multiple potential customers for package-level qualification testing of AI accelerators, ASICs, network processors, and edge AI processors for automotive and robotics. These engagements also represent opportunities to transition to production burn-in over time. Interestingly, about half of these have expressed interest in wafer-level burn-in in addition to our package-level burn-in solutions. Yesterday afternoon, we received an order from a new customer for Sonoma, to be used for reliability qualification of their new AI processor, but they may also conduct production burn-in with this device, which they can do with the exact same platform using Sonoma. This momentum reinforces our leadership in high-power burn-in for AI processors. The broader demand environment remains very robust. Industry forecasts indicate that hyperscale data center capacity is expected to nearly triple by 2030, driven by new builds and upgrades to existing infrastructure. This is creating substantial growth in high-performance semiconductors and, in turn, an increased demand for advanced burn-in solutions. As we've noted before, as our installed base of systems expands, our consumables, including WaferPak full-wafer contactors for wafer-level and our burn-in board and modules for package-level burn-in, can continue to grow beyond our systems. This year has been lighter in terms of consumable sales, particularly WaferPaks, but we believe that it is an outlier. Some customers had purchased systems ahead of the need and have since grown into capacity, which seems to be normalizing now. We believe, over time, our consumables business will consistently account for 30% or more of our total revenue, and our margins will improve as sales of these value-add consumables grow. To support growing demand, we're continuing to scale manufacturing capacity. In addition to our Fremont expansion, this quarter, we'll begin shipping Sonoma systems from one of our current contract manufacturers, adding capacity of over 20 additional Sonoma systems each month. This greatly enhances our ability to support future growth. With expanding AI infrastructure deployments and our recent manufacturing capacity enhancements, we believe we're well-positioned to support significant growth in both our wafer-level and package-level burn-in systems as customers ramp production. With strong second-half bookings so far and a solid funnel of additional orders expected this quarter, we feel optimistic about exiting the fiscal year ending May 29 with a robust backlog and delivering significant revenue growth in fiscal '27. We currently expect full-year fiscal '26 revenue to be on the high side of the $45 million to $50 million range provided last quarter. We also anticipate our bookings for the second half of the fiscal year will be on the high side of the $60 million to $80 million range provided last quarter. More broadly, we believe we have a clear path to sustain long-term growth as our installed base expands across AI, silicon photonics, power semiconductors, memory, and other high-performance applications. As semiconductor performance and reliability requirements continue to increase, burn-in is becoming increasingly vital across an expanding set of applications. We believe Aehr is uniquely positioned as the only provider offering both wafer-level and package-level burn-in solutions at scale. With that, I'll turn it over to Chris.
Thank you, Gayn, and good afternoon, everyone. I'll begin with bookings and backlog and walk through our third-quarter financial performance, cash position, outlook, and investor activity. The company recognized bookings of $37.2 million in the third quarter of fiscal 2026, significantly higher than the $6.2 million in the second quarter as we received multiple purchase orders for FOX systems, WaferPak, and several auto-aligners from different customers for AI, silicon photonics, and silicon carbide applications. At the end of the quarter, our backlog was $38.7 million. During the first five weeks of the fourth quarter, we received an additional $12.2 million in bookings. This increase was driven primarily by a major new silicon photonics customer for wafer-level burn-in with an initial order for multiple FOX systems for both engineering qualification and high-volume production, which we recently announced. With these recent bookings, our effective backlog, which includes our quarter-end backlog plus additional bookings received since the end of the third quarter, has now grown to a record of $50.9 million, providing strong visibility for the remainder of fiscal 2026 and positioning us for significant growth for fiscal 2027. Our strong bookings reflect increasing demand for both wafer-level and package-level burn-in solutions, which we believe demonstrates the proven value of these differentiated solutions that have become increasingly integral to the production and reliability strategies of our customers in the AI, data center, and other key markets we serve. Turning to our Q3 performance, while we did not provide quarterly guidance, our third-quarter revenue of $10.3 million was in line with internal expectations due to delayed orders. Q3 revenue was slightly below consensus and down 44% from $18.3 million in the prior-year period. The decline was primarily driven by lower shipments of FOX systems and WaferPaks from our wafer-level burn-in business, partially offset by stronger demand for our Sonoma systems and BIM from our hyperscale customer. Contactor revenues, which include WaferPaks, while wafer-level burn-in business and BIMs and BIPs from package-level burn-in business totaled $3 million, representing 29% of total revenue in the third quarter. This compares to $5.9 million or 32% of revenue in Q3 last year. Non-GAAP gross margin for the third quarter was 36.5%, compared to 42.7% a year ago. The year-over-year decline reflects lower overall sales volume and a less favorable product mix since last year's quarter included a higher proportion of high-margin WaferPak revenue. Non-GAAP operating expenses in the third quarter were $6.3 million, flat from $6.3 million in Q3 last year. We continue to invest significant resources in our AI benchmark and memory projects. During the quarter, we recorded an income tax benefit of $0.8 million, resulting in an effective tax rate of 19.9%. Non-GAAP net loss for the third quarter, which excludes the impact of stock-based compensation and acquisition-related adjustments, was $1.5 million or a loss of $0.05 per diluted share, compared to net income of $2 million or $0.07 per diluted share in the third quarter of fiscal 2025. The non-GAAP net loss for the third quarter exceeded consensus by $0.02. Turning to cash flow, we used $3.7 million in operating cash during the third quarter. We ended the quarter with $37.1 million in cash, cash equivalents, and restricted cash, up from $31 million at the end of Q2. The increase was primarily due to proceeds from our at-the-market equity program. During the third quarter of fiscal 2026, we raised $10.5 million in gross proceeds through the sale of about 269,000 shares. Since the end of Q3, we raised another $19.5 million in gross proceeds through the sale of about 477,000 shares. With the $9.9 million we raised in Q2, we have fully utilized the $40 million available under the ATM and have sold over 1.13 million shares at an average price of $35.38. We also announced this afternoon that we'll be changing our fiscal year from the last Friday of May to the last Friday of June, effective after our fiscal year ends on May 29, 2026. Our new fiscal year 2027 will begin on June 27, 2026, and end on June 25, 2027, continuing with the 4-4-5 calendar. Consequently, we will have one month of financial results from May 30, 2026, to June 26, 2026, which will be reported as a transition period when we file our quarterly Form 10-Q in the first quarter ending September 25, 2026. We believe our new fiscal year will align more closely with the reporting periods of our customers and our peers in the semiconductor test equipment industry. Moving to our outlook. For the full year fiscal 2026 ending on May 29, 2026, we currently expect total revenue to be on the high side of the $45 million to $50 million range provided last quarter, with a non-GAAP net loss per diluted share expected to be between negative $0.13 and negative $0.09 for the full fiscal year. We expect our gross margin to improve as our manufacturing activity increases, which will support higher sales volume and better absorb our fixed costs. We also expect to return to profitability on a non-GAAP basis in the fourth quarter of fiscal 2026. Lastly, looking at the Investor Relations calendar, Aehr Test will be participating in two investor conferences over the next couple of months. We'll be meeting with investors at the Craig Hallum Institutional Investor Conference taking place in Minneapolis on May 28, and we'll be presenting a meeting with investors on June 2 at the William Blair 46th Annual Growth Conference taking place in Chicago. We hope to see some of you at these conferences. That concludes our prepared remarks. We're now happy to take your questions. Operator, please go ahead.
分析師問答
Our first question comes from Mark Shooter with William Blair.
You have Mark Shooter on here for Jed Dorsheimer. Congrats on all the progress, especially with the hyperscaler. I'm curious how you guys are looking at this internally? What percentage of GPUs or ASICs or XPUs do you think are burnt in today? And how do you guys size the vector space?
That's a really good question, and I think we're still getting our arms around it a bit. I would say that we've been surprised at how many devices are not undergoing production burn-in. One of the strategic points we made when we purchased Incal about 18 months ago is that they were known for performing a type of burn-in called qualification reliability burn-in, which all processors and indeed all semiconductors go through; it determines their lifetime reliability specs. It's a one-time process performed with a large number of devices to gather statistical data. Some devices go through a screening in production to weed out infant mortalities because the failure rates are higher than the market can tolerate. Incal was engaged with multiple AI customers doing this. However, prior to acquiring them, they were not conducting any production burn-in. Since then, we've managed to capture a large hyperscaler and engage with multiple others. What has surprised me is that many ASIC suppliers still do not conduct production burn-in or are just now realizing they need to. Certain devices are burnt in, while others are not. Even within a single company, some products undergo burn-in while others do not. However, the common trend is that companies are moving toward it. There's data available from solutions like Sonoma and our wafer-level burn-in systems, showing they can do it more cost-effectively than before. There's now a viable alternative to handling burns at the system or rack level.
I appreciate all the color, Gayn. That's very helpful. To zero in a bit on your hyperscaler customer, can you bring us a little into the room regarding the decision process to go with package-level versus wafer-level? Do you see a transition potentially with this customer to move to wafer level? If you get a new customer, will they make the same decision? Or is there a track toward wafer-level?
To be fair, if you had asked me two or three years ago, we would have stated that we absolutely could not conduct wafer-level burn-in of AI processors. We didn't have the power and system capabilities, and there was doubt about whether there were the proper testing modes available to meet the requirements. However, as we've worked with various customers across a wide spectrum, certain patterns have emerged, allowing us to confidently tell customers that we can indeed perform wafer-level burn-in. Before that, the conversation would concentrate on whether the customer would conduct burn-in at all, and if so, they naturally gravitated toward package-level solutions. Yet, what we've seen recently is customers initially interested in package-level turning to inquire about wafer-level options during our discussions. Specifically, for our hyperscaler customer, the first device they ran with us was on Sonoma, with a second device recently awarded for production as well. They're already discussing a third device and have requested specific DFT for consideration of wafer-level implementation through our FOX systems. Hence, there appears to be a progression, particularly for large customers with multiple product lines, where some products may default to wafer-level while others may still rely on package-level.
Next question comes from Christian Schwab with Craig-Hallum.
Thanks for a tremendous amount of detail regarding the different target markets and your success in each one of them. The most common question I receive is: Is there a way to gauge over a multiyear time frame? Obviously, you gave guidance for this year in support of substantial growth in the following year with bookings in hand and others to come. But if you had enough time to give some thought to the range of potential outcomes over a multiyear time frame that you could do in combination with your target markets and potential entry into the memory market down the road.
The short answer is yes, we have done some planning. The long answer is we are cautious about getting carried away with our projections. The numbers are substantial. If you consider the dollar spending on compute, AI, and the compute capabilities required for AI training, inference, and other applications, the number of silicon wafer requirements is impressive. There's a lot of discussions around significant dollar figures as companies plan expansions. Historically, processors have always gone through burn-in; this is widely known for companies like Intel and AMD, who burn in every one of their processors. Initial GPUs used for graphics were not burnt in, but now AI-related customers are searching for burn-in capability, with foundries and OSATs traditionally lacking in their offerings. We will see this spending pattern shift, supporting burn-in solutions. Total addressable markets for package-level burn-in and wafer-level burn-in are substantial, potentially in the hundreds of millions of dollars, as the adoption rates increase, all driven by the rising complexity in the semiconductors. Our projections indicate significant growth potential which requires infrastructure and production capabilities to support our customers as they commit to large spending on burn-in solutions.
The next question comes from Max Michaelis with Lake Street Capital Markets.
First, I want to start out here. When you look at the demand environment from the package-level and wafer-level, the demand seems strong on both sides of the business. But to me, it looks like wafer-level has some outpacing on the demand side and maybe the order side. Can you let me know if I'm wrong there, but is there anything else you can add?
The challenge with our business and for all of our shareholders is that we know how to be lumpy. With more markets and customers, it can minimize the lumpy nature of it. But the average selling price of a production order in wafer-level burn-in can be $10 million to $20 million per order, and package-level can match or exceed that as well. When analyzing the demand right now, we see significant activity in both sectors. The engagement and work to secure a wafer-level burn-in are indeed more complex than package-level. For many customers, testing the part for quality on our tools makes them more inclined toward incorporating wafer-level burn-in into their future plans. However, there is a learning curve, as seen with some customers who learn how they can maximize the utilization of our tools to test their parts efficiently. For example, a recent miscommunication on the clock configuration caused no panic because the adjustment was feasible to solve. As both sides build their understanding, it becomes easier!
The next question comes from Larry Chlebina with Chlebina Capital.
Gayn, your contract manufacturer that's ramping up, when does that start? When will it be fully capable of doing your 20 Sonoma systems a month?
They've already built. They're in the process of building the first batch. This ramp is a bit more complicated than stated. There are two contract manufacturers, where one feeds the other. The first contract manufacturer did their prototypes and sent them to us; we've been through an acceptance process to validate the units. Once that's complete, they go to the second contract manufacturer for final system integration and shipping. We completed an audit of the manufacturing facility last September to ensure they had the necessary infrastructure and cleanliness for our systems. Production of our initial products is aimed for this quarter through May, with a desire for them to be ready by late summer when we see a ramp in demand for Sonoma.
Are you keeping any capacity? Or are you planning on producing those systems in Fremont as well?
Yes, for sure. But this expansion is in addition to what we already have. We've discussed about a 20 system per month capacity here from an infrastructure and footprint perspective. We will still manufacture Sonoma systems here in Fremont, with all FOX products being built out of here.
Did I hear you correctly that your first expected XP sales to an HBM customer will be this calendar year or in fiscal year '27?
Yes, I was a little more elusive on purpose. We've identified opportunities with HBM that present some interesting challenges which people would like to have our wafer-level burn-in services available. Our FOX system and the roadmap we've developed include enhanced capabilities with memory-focused channel modules, making progress towards securing additional business opportunities. So while I'd hesitate to pin it down, I'm definitely excited about the discussions.
So the flash engagement, do you think that will bear fruit on the enterprise side shortly before HBF gets underway?
It's largely dependent on the customers' timelines. What we would build is designed as a superset for both flash and HBM. In some ways, HBF may indeed offer a few easier routes, since defining for flash can lead to complications with legacy testing requirements. The ongoing discussions with customers will decide the pathway. Many might not opt for systems focused on outdated products. It's an exciting time for us, and we're seeing a lot of activity. The teams are busy and seeking additional talented people. We have a lot of open requisitions and are looking for valuable team members. All right, operator, if there's no other questions, we'll end on a positive note. As always, if you have any questions, please feel free to reach out. If you happen to be in the Bay Area and want to check us out, we are always happy to give short tours to key investors. We look forward to a great quarter and talking to you next quarter. With our new fiscal year, our quarterly earnings will be aligned the same time next month, though there will be a one-month push or something. This will be beneficial for our customers, which is crucial to all of this. Thank you very much, everyone. Goodbye.
Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.