管理層發言
Good day, and welcome to the CEVA, Inc. Second Quarter 2026 Earnings Conference Call. Please note today's event is being recorded. I'd now like to turn the conference over to Richard Kingston, Vice President, Market Intelligence, Investor and Public Relations. Please go ahead, sir.
Thank you, Rocco. Good morning, everyone, and welcome to CEVA's Second Quarter 2026 Earnings Conference Call. Joining me today are Amir Panush, Chief Executive Officer, and Yaniv Arieli, Chief Financial Officer. Before handing the call over to Amir, I'd like to remind everyone that today's discussion contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such statements. We will also discuss certain non-GAAP financial measures, which we believe provide investors with additional insight into our core operating performance. Reconciliations between our GAAP and non-GAAP results are included in the earnings release issued this morning and available on the Investor Relations section of our website. With that, I'll turn the call over to Amir.
Thank you, Richard, and good morning, everyone. We delivered another strong quarter with revenue increasing 13% year over year to $29 million, fueled by licensing and related revenue growing 21% to its highest level in 3 years. The quarter also benefited from a sequential recovery in royalty revenue, driven by continuing momentum across wireless connectivity, ramping automotive AI programs, and market share gains in smartphones. During the quarter, we signed 10 licensing agreements, including two with first-time customers and two directly with OEMs. More important than the number of agreements is the quality of those agreements. Increasingly, customers are adopting broader platforms and deeper collaborations that transcend both our near-term licensing business and our long-term royalty opportunity. I would like to focus today on two themes that we believe highlight an important shift in the semiconductor industry and explain why CEVA and our technologies are increasingly well positioned for long-term growth. The first is the continuing migration of intelligence from the cloud to the smart edge. This is a trend we have discussed for several years and one that is increasingly driving demand for our higher performance, connectivity, sensing, and AI technologies. During the quarter, we announced what we believe is one of the most strategically significant AI licensing agreements in CEVA's history. A leading global AI and computing platform company selected our NeuPro-M NPU IP for its next-generation custom AI silicon. This agreement is significant for several reasons. First, it represents a new category of AI customers for CEVA. Historically, our AI licensing activity has primarily been with semiconductor companies and device OEMs. This customer develops both the hardware platform and the operating system, allowing us to collaborate at a much deeper level by optimizing not only the NPU hardware, but also the AI software stack for its models, applications, and workloads. The expertise we gain through this engagement extends well beyond a single customer program. So optimizing AI hardware and software at the platform level will strengthen both our hardware and software roadmaps and further enhance our AI offering for future customers. More broadly, we believe these agreements reflect an important industry trend where companies with some of the world's large engineering organizations are increasingly choosing to leverage proven AI IP rather than developing every component internally. For these companies, the question is no longer whether they have the engineering capability to build an NPU, but whether doing so represents the best use of their engineering resources. By licensing production-proven IP, they can focus their investments on the hardware, software, and AI experiences that differentiate their platforms while reducing development risk and accelerating time to market. The second trend we are seeing is customers increasingly adopting broader platform solutions rather than individual IP blocks. Two agreements from the quarter illustrate this well. A high-volume U.S. semiconductor company chose to adopt one complete chip built on our Wi-Fi 6 and Bluetooth Low Energy IP, originally developed in partnership with another CEVA customer, rather than licensing the underlying IP blocks individually. The decision reflects the same preference for production-proven, complete solutions over developing internally or licensing component IP. Separately, another U.S. customer expanded a relationship that began with a single baseband component by adopting our complete baseband processing subsystem. As semiconductor development becomes increasingly complex, customers are recognizing that leveraging proven subsystem IP can significantly reduce engineering effort and execution risk, all while accelerating time to market, enabling them to concentrate their internal resources on what most differentiate their products. These are different customers and different technologies, but they demonstrate the same underlying trend. Companies are increasingly choosing production-proven hardware, software, and system expertise delivered as a complete platform rather than assembling individual IP blocks themselves. For CEVA, this expands both the scope and value of our engagement. Broader platform adoption increases our content per design, deepens our integration into customer products, creates larger, longer-term customer relationships, and increases the royalty opportunity associated with each customer platform as those products enter production. These successful outcomes also validate the strategy we have been executing over the past several years. We have invested in expanding our diverse portfolio beyond individual IP blocks to more complex hardware and software platforms across connectivity, sensing, and AI. As customers look to accelerate development while reducing execution risk, we believe this positions CEVA to capture a greater share of silicon content in future design. Beyond this strategic engagement, activity remains broad-based across our business. In addition to the AI and platform wins I just discussed, we signed multiple follow-on agreements with existing customers, alongside our new customer engagement, demonstrating our ability to both expand long-term relationships and consistently win new business. Across connectivity, we secured customer engagement spanning the United States, Europe, China, and the broader Asia-Pacific region, reinforcing the global demand for our technology. We also expanded our sensing portfolio with the launch of our Microsoft-certified RealSpace Elevate embedded application software, extending our spatial audio technology into the PC gaming market for the first time. Taken together, these achievements reinforce the strength of our Connect, Sense, and Infer offering to enable physical AI use cases. While AI is creating exciting new opportunities for CEVA, connectivity remains the foundation of physical AI and continues to be the entry point for many of our customers' relationships. Increasingly, this relationship expands over time as customers adopt additional technologies across our portfolio. Now, turning to royalties. We are beginning to see the benefits of the broader customer engagement we have been building over the past several years translate into an increasingly diversified royalty business. Royalty revenues increased both sequentially and year over year, supported by continued trends across our wireless connectivity portfolio, drawing contribution from automotive AI deployment, and share gains in smartphones. Wireless connectivity remains particularly strong with healthy year-over-year growth in both Wi-Fi and Bluetooth shipments, while Cellular IoT shipments reached another quarterly record. In automotive, customer programs continue to ramp, reflecting increasing AI content in next-generation vehicles. Overall, the quarter demonstrates the continued evolution of CEVA's business and the continued market leadership of our IP, expanding the breadth of our licensing engagement, increasing the value of every customer relationship through broader platform adoption, and building a more diversified royalty engine. Together, these trends reinforce our confidence in both our near-term outlook and long-term growth opportunity. With that, I'll turn the call over to Yaniv to review our financial results.
Thank you, Amir. Good morning, everyone. I'll now review our financial results for the second quarter. Revenue for the second quarter increased 13% year over year and 7% sequentially to $29 million, reflecting another exceptionally strong licensing quarter and continued improvement in our royalty business. Trailing 12-month licensing and related revenue increased 13% to around $70 million. The revenue breakdown is as follows. Licensing and related revenue increased 21% year over year to $18.2 million, reflecting 63% of our total revenues and our strongest licensing quarter in three years. Importantly, the strength of the quarter reflects the broader platform engagements Amir described earlier, not only increasing licensing and related revenues today, but also expanding the future royalty opportunity associated with those customer programs. Royalty revenue was $10.8 million, reflecting 37% of our total revenues, compared with $10.7 million for the prior year, and up 17% sequentially reflecting continued strength across wireless connectivity and automotive AI and share gains in smartphones. Gross margin was 87% on a GAAP basis and 88% on a non-GAAP basis in line with our guidance. GAAP operating expenses were $27.5 million, below the low end of our guidance range. Non-GAAP operating expenses, excluding equity-based compensation expenses, amortization of acquired intangibles, and acquisition-related costs, were $22.3 million at the low end of our guidance. GAAP operating loss improved to $2.1 million compared to $4.5 million in the second quarter of last year. Non-GAAP operating income increased to $3.1 million compared with $0.8 million in the prior year, while non-GAAP operating margins expanded to 11% up from 3% a year ago. Both measures also improved significantly on a sequential basis, demonstrating continued operating leverage. Net financial income was $1 million compared to $2.1 million in the second quarter of 2025 and below our guidance of $1.7 million, primarily due to foreign exchange effects related to our Israeli shekel-denominated lease obligations. Income tax expense was approximately $1.8 million, slightly above the guidance, reflecting the geographic mix of licensing and royalty revenues recognized during the quarter. GAAP net loss was $2.9 million or $0.10 per diluted share compared with GAAP net loss of $3.7 million or $0.15 per share in the second quarter of 2025. Non-GAAP net income increased 28% year over year to $2.3 million, while non-GAAP diluted earnings per share increased to $0.08 compared to $0.07 in the prior year period. On a sequential basis, both non-GAAP net income and diluted earnings per share doubled. With respect to other related data, during the quarter, customers shipped 567 million CEVA-powered devices, an increase of 16% compared to the second quarter of 2025. Of those shipments, 61 million units, or 11% of the total, were mobile handset modem shipments, compared with 55 million units in the prior year period, reflecting improving smartphone royalties driven by stronger market share in entry-level smartphones together with continued expansion in the premium tier. Consumer IoT increased to 487 million units compared to 409 million units a year ago. Industrial IoT shipments were 19 million units compared to 24 million units in the prior year. Despite the lower unit volume, industrial royalty revenues increased 7% year over year, reflecting a richer mix of higher value products, including automotive AI and wireless infrastructure. Looking at our connectivity technologies, these shipment metrics continue to demonstrate the breadth and diversification of our royalty base across multiple end markets. Bluetooth shipments decreased 16% year over year to 295 million units. Cellular IoT shipments reached another record of 68 million units, up 3% year over year. Wi-Fi shipments increased 28% year over year to 80 million units. As for the balance sheet items, we ended the quarter with approximately $221 million in cash, cash equivalents, marketable securities, and cash deposits, providing significant financial flexibility to support continued investments in our technology roadmap while maintaining a disciplined approach to capital allocation including selective strategic M&A opportunities. Days sales outstanding were 70 days. During the quarter we generated $5.8 million of cash from operating activities. Depreciation and amortization expense was $0.8 million, while capital expenditure totaled $0.6 million. At the end of the quarter we employed 406 people including 327 engineers reflecting our continued investment in innovation while maintaining disciplined expense management. Turning to the outlook. We delivered a strong first half of 2026, supported by strong licensing execution, improving royalty trends, and meaningful expansion in non-GAAP profitability. Just as importantly, the quality of the customer engagement we secured during the first half provides a strong foundation for future growth across both licensing and royalties. Reflecting our first half performance and current visibility, we are raising our full year revenue outlook. We now expect 2026 revenue to increase between 13% and 15% over 2025, compared with our previous expectation of 12% growth that we shared at the end of the first quarter. We continue to expect the second half to be stronger than the first, consistent with our normal seasonal profile while recognizing that memory pricing dynamics and broader supply constraints remain important industry variables. On the expenses, we maintain our previous guidance. Total non-operating cost of revenues and operating expenses are still expected to increase by approximately 8% on an annual basis over 2025. As we continue to invest in our roadmap while carefully managing costs, we will seek mitigation of foreign exchange headwinds. As a result of the stronger revenue growth together with disciplined expense management, we now expect non-GAAP operating income to increase approximately 70% year over year, while non-GAAP net income is expected to increase approximately 50% year over year, both above our previous expectations. Third quarter guidance: Revenue is expected to be in the range of $30.5 million to $34.5 million. Gross margin is expected to be approximately 87% on a GAAP basis and 88% on a non-GAAP basis, including approximately $0.2 million equity-based compensation expense, and $0.1 million of amortization of acquired intangibles. GAAP operating expenses are expected to be between $28.2 million and $29.2 million, including approximately $5.4 million of equity-based compensation expense and $0.1 million for amortization of acquired intangibles and $0.1 million for acquisition-related costs. Non-GAAP operating expenses are expected to be similar to the second quarter level between $22.5 million to $23.5 million. Net financial income is expected to be approximately $2 million. Income tax expense is expected to be approximately $1.9 million. And weighted average diluted share count is expected to be approximately 28.2 million shares on a GAAP basis and 30 million shares on a non-GAAP basis. Rocco, we are ready to take the questions now.
分析師問答
And today's first question comes from Kevin Cassidy at Rosenblatt Securities.
Congratulations on the strong results. You had mentioned about a large company bringing their wireless design in-house rather than buying someone else. Is that a trend you're seeing longer term? And maybe you could talk about the trend you're seeing for more integration of technologies vertically within your customers.
Yes, definitely Kevin. Good morning and thanks. Yes, definitely we see this as a trend. As part of our strategy, as I mentioned also on previous calls, we aimed to provide a complete offering of IP, including the radio IP. What we see is some customers are looking for a complete turnkey offering that they can integrate into their portfolio to accelerate time to market with proven technology and solution. Definitely, we see some OEM and semiconductor companies looking to get the full solution from us.
Okay. What does that mean for CEVA? I mean, a little more stickiness to your IP if you're selling more to one customer or I guess just less OpEx involved. I guess what, is that, is this a positive trend for CEVA?
Yes, Kevin, thanks for the question. Yes, that's definitely a very positive trend. It actually brings three additional values for us. One, on the agreement itself, what we see is both the licensing deal size as well as the future royalty is meaningfully higher than just selling component IP. Also on top of that, it's really the stickiness with the customers. That helps the customers to reduce their own engineering effort and rely more on CEVA capabilities, which drives stronger stickiness moving forward. It also helps significantly in the make-versus-buy discussion. It's harder for large companies to justify internal development if we provide only a partial solution or just part of the component IP. The more we offer the complete solution, the easier it is for them to decide to buy IP from CEVA rather than doing it internally. So overall, this is a very, very positive trend, and fits very well to our strategy of how we drive our engineering activities and overall innovation in IP.
Kevin, I maybe would add one more thing: in the wireless markets, there are new trends and enhancements every year to two years depending on the technology. By being able to provide those, we also have recurring revenues from new licensing deals for each of these enhancements going forward. So it's a very strong stickiness mechanism also because wireless connectivity gets constantly upgraded and updated, and we're able to support that.
Congratulations again.
Thank you. And our next question today comes from Sujeeva De Silva at ROTH Capital.
Congratulations on the progress here. Amir, you talked at length about how you're engaging deeper with the customers, maybe with hardware-software integration and more product development effort. Is this going to result in more custom IP blocks or more continued standard products and will it affect how we should think about royalty rate for you guys? Is that the right framework to think about these kinds of engagements?
Yes. So definitely overall within our mix of licensing agreements we do see more what I would call custom solutions and demand for them in the market. That goes along very nicely with how we're investing our resources. Regarding royalties, we see significant potential for increase. The royalty per unit that we can extract by providing custom and complete offerings is meaningfully higher than a component IP. For example, we talked about a very strategic new AI deal we signed with a top OEM that has both operating system capabilities and hardware and software. That level of integration and customization drives much higher royalty per unit compared with our typical NPU offering.
And then my other question is on the edge AI market and the trend toward edge AI from the cloud. There's a lot of chip and IP opportunity there from various parts. I'm wondering if there are any particular end applications that are initially good opportunities for you as you see traction in the edge AI market, or where we should think about your best near-term opportunities?
So we definitely see traction in the high-end compute edge markets, whether it's the PC or mobile applications. We also see it very deeply in automotive for ADAS systems. Going forward, we expect more adoption in robotics and humanoids. These are coming into play now and represent growing opportunities for our NPUs and other edge AI technologies.
Thank you. Our next question today comes from Natalia Winkler with UBS.
I had two. One is on the smartphone. You mentioned improving share of the entry smartphone, as well as premium. Could you please speak a bit more about what you are seeing there? And maybe what's helpful from the standpoint of share gains on the entry-level smartphones for you?
So related to entry-level and lower-tier customers in the handset mobile market, we've seen a very meaningful recovery in royalties between Q2 and Q1. This quarter we've seen a nice recovery and are seeing that customers are gaining share against their competition. Overall, we see very positive momentum going into the second half of the year. Also, with other large U.S. OEMs moving more to internal modems, we expect that to provide market share benefits for us as we move into the second half.
I'll add some more color. UNISOC, our Chinese customer in the low-cost smartphone segment, is moving gradually to more 5G from being a leader volume-wise in 4G in the prior generation. That means higher ASPs for us. They have won a number of design wins recently with local Chinese brands including Vivo and Xiaomi, which in the past used MediaTek more extensively. These are good design wins. As long as this continues, both market share gains for them and volume expansion with the higher 5G share going to UNISOC will benefit CEVA. This is an important high-volume market for us.
And then the second question I had was, now that ARC has been acquired by GlobalFoundries, are you seeing any additional momentum in your licensing business, maybe in the NPU licensing business with that transition?
Yes, we see it as a tailwind for our business moving forward, especially for the NPU and NeuPro product line, where the competitive dynamics are more favorable for us. We focus on the NPU IP as a complete platform, and the transition helps us compete better in the U.S. and Western markets. We just signed one of those very strategic deals this quarter as part of that momentum.
Rocco, next question. Hello? Hey, Rocco, are we taking more questions? Sorry, everybody, just hold on one minute. We're trying to get re-established here with the call center.
Sorry, everyone. We are still trying to work this out. We sort of lost the operator.
Hi, just in the interest of time here, I'm going to see if any of the other analysts in the queue want to email me their questions and I'll read them out and we can answer that way if that makes sense. So if any of the analysts in the queue want to email me directly now I'll ask the question on the line. Thanks. Okay. I have a couple of questions that have just come in over email. First one is from Joseph Cardoso at JPMorgan. He wants to follow up on the entry-level smartphone momentum and maybe tie that back to the risks we're hearing at the low-end portion of the market given the component cost inflation. How are you thinking about the risks there? And are you starting to see any signs of risk there or generally across the portfolio on that front?
I think we've talked about this in the past: low-end smartphones need much less memory than higher-end devices, which are higher priced these days and face supply constraints. We haven't seen, at least in the last couple of quarters, significant issues around that for the low-end. There is still some constraint in the market, but to a lesser degree than the high-end $1,000 phones. If we look sequentially from Q1 to Q2, we've seen a tremendous increase in volume. Part of it is seasonal, and that means that our customer was able to address the demand they planned for. For us, we saw significant increase both in volume and dollars.
Yes, maybe I'll add to that. With the trends we've seen from Q1 to Q2 and the typical seasonality and our customers gaining new sockets, we expect good seasonal expansion in the second half as well. Having said that, the memory shortage does impact the wireless handset industry, and it's hard to quantify exactly how that will affect the second half, but overall we expect continued seasonal expansion of our customers as we go through the second half.
Great, thanks. Another question here from Josh Buchalter at TD Cowen. And Josh asks, can you provide more context on how NeuPro is being used by the new custom silicon engagement? Any details on the functionality, that chip, and timeline to materiality?
Yes, great question. First, let me explain more about the engagement and the utilization of our NPU IP. In this instance, with a custom silicon offering, customers get deep access to the core architecture of our IP. Together we define additional special features and capabilities for the specific neural networks that will run on our silicon and hardware IP in a very efficient way. The goal is to run special networks with high efficiency—tokens per watt, tokens per second, and low latency—all important metrics for edge devices. With customers having access to the complete software stack, including the operating system across their product lines, we can optimize further together. So that's a big plus both in terms of how our IP is used and how we can work together on complete hardware-software-operating system integration. In terms of timing, these engagements typically start and within a few quarters customers go to tape-out, and from there it is often one and a half to two years to production. Even though this is a custom offering, we expect timelines similar to other IP and products we offer in the domain. We can configure and optimize the solutions quickly with the customer. That's the unique approach we have with our IP and capabilities and what helps us win sockets with large customers against internal development.
Thanks, Amir. We have another question here from Gary Mobley at Benchmark, a StoneX company. Gary asks, when we talked about the U.S. customer in the quarter adding a baseband subsystem in addition to the DSP, are we referring to RF in this case or is it something else?
It's related to a WLAN or wireless access subsystem with complete baseband configuration. This is a complete modem technology but excluding the RF. So it's all MAC and baseband technology, hardware and software, a complete offering and subsystem. We are hardening that to the specific product that the customer needs.
Okay. We have a question here from Charles Shi at Needham. He asks about the full year guidance. Full year guidance is now raised 13% to 15%. Can you provide more details on the growth of licensing and royalty relative to the company average growth?
Yes, sure. If you look at the first two quarters of last year, the licensing and related revenue run rate was around $15-$16 million. When you look at the first half of this year, the two quarters were $17.8 million and now $18.2 million, so around the $18 million run rate. There's no doubt from what we explained today—the solution aspect of providing not just standalone IP but a full solution, whether it includes multiple technologies, wireless or other, whether it includes AI technologies—this has enabled us in the first half to increase licensing and related revenue and we believe these levels can continue. We don't break down licensing and royalties in our guidance, but we guide on a full revenue basis. We do have a strong pipeline for these types of deals and believe we have achieved a step function by adding AI, which is a significant part of our revenue these days, around 20%. This continues and is incremental to our overall licensing and related revenue. On the royalty front, the higher annual guidance also reflects the normal seasonal shift with a stronger second half. If you look at the last three years, every second half we've increased north of 30% year over year volume-wise for the full second half, so we believe seasonality will play in our favor along with new royalty payers like automotive that started earlier this year. On top of that, market share gains in smartphones and combo Bluetooth/Wi-Fi solutions that are better for customers and higher ASPs for us support the outlook. All this puts us in a stronger position and supports our 13% to 15% guidance and significant improvement in operating margins while keeping expenses tight. We're looking at about 70% growth in non-GAAP operating income year over year and about 50% growth in net income year over year as part of our guidance.
Thanks, Yaniv. I have another question here. This is from Martin Yang at Oppenheimer. It's a two-part. First part is, do you see more platform companies in your pipeline? How big of an opportunity is that in the broader context of your business? Maybe answer that first and I'll do the second one afterwards.
Yes, overall as I mentioned previously, we definitely see this as a growing trend both in terms of market needs and what we can offer with our complete portfolio of IP. I cannot break down specifically the exact portion of solutions versus component IP in each deal, but the important thing is this helps us drive continuous increases in licensing. We've seen it through the first half being stronger than originally expected, and that helped guide a stronger second half than we shared last quarter. Overall this is a very positive trend that will help drive more licensing, but the exact mix can fluctuate quarter to quarter.
Okay, and the second part from Martin relates to Bluetooth HDT. He asks, does an HDT class design win carry a materially higher royalty per unit than your current Bluetooth designs? And when does the HDT royalty start contributing?
Yes, the HDT technology is an improved standard both in throughput and new use cases, which helps us drive higher royalty per unit versus legacy Bluetooth. In addition, we are offering it as a complete solution with our RF IP supporting HDT, and the combination increases the royalty per unit further. Volume ramp will start toward the end of this year and ramp significantly through 2027 and 2028. The customer we announced is ramping the product into the marketplace now, so we'll begin to see royalties from that platform soon.
Thank you. And I've got a question just to briefly address — multiple analysts have asked about this, but I'll relate this one to Charles Shi at Needham. For the second half of the year, are you assuming normal seasonality for mobile handsets in the second half of the year? And at the same time, are you assuming a significant market share gain at a premium tier mobile vendor in the second half of the year? Those two tied together.
Yes, overall we're assuming the seasonality we've typically seen for our mobile customers, with the caveat that we must consider memory allocation challenges in the mobile market. On top of that, we are expecting share gains with our U.S. customers as they continue to use more of their internal modem. Both dynamics are in play.
Great, thanks. And then just one last question here. I'll come back to Joseph Cardoso at JPMorgan. He asked about Wi-Fi units. They declined sequentially in the quarter following a few quarters in a row of sequential expansion. Just curious if you could dive into the drivers of the volatility in the quarter and how you're thinking about trajectory for Wi-Fi going forward.
Yes, I wouldn't focus on a single quarter's sequential number. Year over year we continue to see significant growth in our technologies, including Wi-Fi and wireless connectivity. It's more related to customer mix and when they ramp specific products. Some high-volume ramps can start in Q3 and Q4. I would expect our Wi-Fi shipments to continue to grow nicely year over year through the rest of the year.
Okay, great. Thanks. Yes, I think that's all we'll take for now. Amir, do you want to go to the CEO closing remarks, please?
Yes, thanks, Richard. In closing, this quarter reinforces our confidence in the direction of the business and the strength of our IP. We are seeing increasing demand for our technologies across AI, connectivity, and sensing, strong adoption of broader hardware and software platforms, and continued diversification of our royalty base. At the same time, our licensing momentum is translating into improving profitability and gives us confidence in raising our outlook for the year. The opportunity ahead of us continues to expand as intelligence moves to the edge, and more companies develop custom silicon to differentiate their products. With our Connect, Sense, and Infer portfolio, we believe CEVA is uniquely positioned to enable that transition. Just as importantly, we are seeing customers engage with us at the broader platform level, increasing both the strategic value of our relationships and our long-term royalty opportunity. The momentum we built in the first half of the year gives us confidence heading into the second half. Richard, back to you.
Thanks, Amir, and thanks, everybody, for keeping your patience with us there. As a reminder, the prepared remarks for this conference call are accessible through the Investors section of our website. And with regards to upcoming investor events we will be attending, here are some of the conferences. The Rosenblatt 6th Annual Technology Summit Part II, August 17 and 18 being held virtually; The 7th Annual Needham Virtual Semiconductor and Semicap Conference, August 19 and 20 being held virtually; the Stifel 2026 Tech Executive Summit, August 24th and 25th in Deer Valley, Utah; Jefferies Semiconductor, IT Hardware & Communications Technology Conference, August 25th and 26th in Chicago; and Benchmark-StoneX's Company TMT Conference, September 10th in New York, New York. Further information on these events and all events we will be participating in can be found on the Investors section of our website. Thank you and goodbye.