管理層發言
Good day, and thank you for standing by. We welcome you to Cohu's Second Quarter 2026 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. You will then hear an automated message advising your hand is raised. To withdraw your question, please press 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Matt Hutton, Vice President of Strategy and Investor Relations. Please go ahead.
Thank you, operator. Welcome to Cohu's second quarter 2026 earnings call. Our agenda begins with Luis Müller, Cohu's President and CEO, who will provide a business update followed by a financial review and outlook from Jeffrey D. Jones, our Senior Vice President and Chief Financial Officer. Following our prepared remarks, we will open up the call for your questions. If you need a copy of our earnings release, it can be found on our website at cohu.com or by contacting Cohu Investor Relations. A slide presentation accompanying today's call is also available in the Investor Relations section of the website. Replays of this call will be accessible via the same page after the conclusion of the call. During this call, we will be making forward-looking statements that reflect management's current expectations concerning Cohu's future business. These statements are based on the information available to us at this time, but they are subject to rapid and sometimes abrupt changes. We encourage everyone to review the forward-looking statements section of our slide presentation and the earnings release, as well as Cohu's filings with the SEC, including the most recently filed Form 10-K and Form 10-Q. Our comments are current as of today, July 30, 2026, and Cohu does not assume any obligation to update these statements for events occurring after the call. Additionally, we will discuss certain non-GAAP financial measures during this call. Please refer to our earnings release and slide presentation for reconciliation to the most comparable GAAP measures. Now I would like to turn the call over to Luis Antonio Müller, Cohu's President and CEO. Luis?
Good afternoon, and thank you for joining Cohu's second quarter 2026 earnings call. We delivered a strong quarter with sales of $149 million, up 38% year over year, and recurring revenue of approximately 53% of total. These results reflect solid execution across the company and continued customer adoption of our solutions. Our Q2 results show progress in areas where we have focused investments: advanced thermal test handlers for AI processors, HBM inspection, flexible ATE platforms for power and connectivity devices, and software analytics. Cohu is benefiting from durable demand drivers in AI infrastructure and edge computing, where customers are investing to address increasing power levels, production yield, and increased factory productivity. Estimated semiconductor test utilization improved sequentially to 80% at the end of the second quarter, typically a turning point for capex by our core IDM customer base. The strongest segments were computing and industrial, with test utilization in the low 80s, followed by automotive and mobile in the high 70s. Bookings generally follow utilization trends. In the second quarter, computing led with 46% of total system orders, representing an impressive 150% increase year over year driven by Eclipse growth in high-performance computing. With utilization above 80%, industrial was the next largest growth area with orders up 87% year over year. The balance included consumer up 29% year over year, mobile essentially flat year over year, and automotive down 24% year over year in a segment that continues to struggle in this recovery cycle. Let me now review the quarter by product lines, starting with the areas where we see the strongest customer traction. Starting with our test handlers: building on the momentum from Q1, we continue to expand our position in high-performance computing through the adoption of our Eclipse handler, enabled by advanced active thermal control for extreme power, and next-generation JetAc Max devices used in data centers. The Eclipse delivers a configurable thermal handler that can be used across multiple device generations, helping customers reduce capital risk, extend the value of their installed base, and support faster production ramps. Our high-power thermal control technology remains a key differentiator, improving test quality and first-pass yield. During Q2, high-performance computing customers also expanded adoption of Cohu's PACE prescriptive analytics software, reinforcing our strategy to improve equipment efficiency and customer value. Separately, we are increasing our presence and infrastructure at OSATs in Southeast Asia to support fabless and hyperscaler programs as they move from qualification to production ramp. Overall, this momentum reinforces an expanding high-performance computing customer pipeline that we now estimate at approximately $850 million annually. This includes about $190 million in qualified annual opportunity across four customers, $250 million in active qualification across five customers, and approximately $445 million in early-stage engagement across ten additional customers. Based on this progress, we are raising our fiscal 2026 high-performance computing revenue estimate to between $100 million and $110 million. To support this demand, we are working with supply partners to increase capacity and we are expanding our internal manufacturing in Malaysia. We expect this expansion to double output by year-end and support another step up in capacity by mid-2027. Now turning to inspection and metrology: during Q2, we shipped additional final inspection systems for HBM3, HBM4, and HBM4e devices to a U.S.-based IDM with a strong forecast into the second half of 2026. HBM is the memory backbone of AI training and inference infrastructure, and we continue to invest to stay ahead of customer roadmaps into HBM5 and beyond. We recently qualified Neon at a Taiwan-based OSAT, establishing a strategic foothold in a high-volume outsourced assembly environment, where we can pursue additional advanced package, mobile, and AI-adjacent inspection opportunities. We also released a new vision inspection sensor with short-wave infrared capability that detects inner cracks in complex silicon devices. This gives customers a step-change improvement in outgoing quality for advanced packages and further reinforces Neon as a reference plot for silicon inspection applications. Moving to semiconductor test: demand is increasingly tied to two AI-enabling requirements — efficient power delivery and high-speed connectivity across edge devices, vehicles, industrial equipment, and connected infrastructure. These systems depend on precise power management to achieve peak performance while controlling energy consumption, heat, and operating costs. Customers are increasingly adopting gallium nitride power devices for their efficiency and power density advantages. At the same time, AI-enabled devices require seamless connectivity. The industry is investing in both ground-based and non-terrestrial networks, including satellite constellations and high-altitude platforms that extend coverage globally. Together, GaN power and advanced connectivity represent an estimated $340 million annual addressable market opportunity over the midterm. During Q2, we continued to engage with leading power and RF customers on Diamondx configurations for GaN, mobile front-end, and advanced connectivity applications. Switching to software analytics: we built on last quarter's momentum and moved from early production wins toward a repeatable pattern: land a first deployment, prove measurable value, and expand within that account. This business delivered the first $1 million revenue quarter and orders increased an impressive 140% year over year. First, land-and-expand is working. Last quarter, we noted that a leading high-performance computing chipmaker had committed to deploying our predictive maintenance technology across its test handler fleet. We are now progressing toward what is expected to become our largest software deployment to a single customer, with an expansion plan during the second half of the year. Second, we are deploying DI-Core AI where the data lives. Semiconductor manufacturers operate under strict data sovereignty requirements and most cannot send process, yield, or equipment data to a public cloud. In Q2, we advanced our on-site AI appliance, which runs modern AI models and autonomous agents entirely inside the customer's network with no data leaving the factory. These agents can conduct investigations across equipment, maintenance, and test data more frequently and at a lower cost than manual analysis. These deployments are important because they convert Cohu's installed base into a recurring software revenue opportunity while helping customers improve uptime, yield learning, and factory productivity. Moving to our interface solutions: this is a key element of our recurring revenue stream, about 19% of Cohu consolidated revenue in Q2. Our high-speed interface technology continues to gain traction in silicon photonics test. We booked $500 thousand in interface solutions used in optical engine test and are pursuing additional customer engagements tied to emerging requirements for co-packaged optical devices. In parallel, we remain focused on increasing share of our core semiconductor customer base, where new applications and replacement of incumbent technologies create opportunities for additional Cohu content. In summary, Q2 demonstrated progress across the strategic priorities we outlined earlier this year: scaling high-performance computing handler adoption, advancing inspection solutions, expanding Diamondx into power and connectivity, converting software pilots into production deployments, and broadening interface solution adoption into optical and advanced semiconductor devices. I want to thank our customers for their partnership, our employees for their execution, and our shareholders and supply chain partners for their continued support. With that, I will turn the call over to Jeffrey to review our financial results and outlook in more detail. Jeffrey?
Thank you, Luis. Before reviewing the second quarter results and providing third quarter guidance, please note that my comments refer to non-GAAP figures. Details about non-GAAP financial measures, including GAAP-to-non-GAAP reconciliation and other disclosures, are included in the earnings release and investor presentation on our website. For Q2 2026, revenue of $149 million exceeded the midpoint of guidance. Recurring revenue, driven primarily by consumables, represented 53% of total revenue. One industrial customer accounted for more than 10% of total sales during the quarter. Gross margin was 45.5%, above guidance, primarily reflecting a more favorable product mix. Operating expenses were in line with guidance at $52.7 million, reflecting our decision to scale resources to support the rapid increase in high-performance compute opportunities. Net interest income after interest expense and a $600 thousand foreign currency loss was approximately $1.7 million. The Q2 tax provision was lower than guidance at $2.7 million due to improved profitability in the U.S. Non-GAAP EPS for the second quarter was $0.26 and adjusted EBITDA was 12%. Moving to the balance sheet: cash and investments increased by approximately $9 million during Q2 to $498 million and cash from operations was $10 million. No stock repurchases were completed during the quarter. Total debt is $304 million and includes $288 million from the Q4 2025 convertible debt offering. Capital expenditures were approximately $2 million, mainly for manufacturing machinery and equipment, facility improvements, and IT equipment. We are targeting total capital expenditures to be about 2% of revenue in 2026, including the capital expansion of our Malaysia test handler manufacturing facility mentioned by Luis. Looking ahead, we expect Q3 revenue to increase 14% sequentially and 35% year over year to approximately $170 million, plus or minus $7 million. The increase is driven by demand tied to the ramp in high-performance compute opportunities and continued recovery in our core business segments. We are increasing our full-year 2026 revenue outlook for growth over last year to approximately 35%. Q3 gross margin is projected to be approximately 45%, and for full-year 2026, we continue to expect gross margin in the mid-40% range. The rapid expansion of high-performance computing opportunities has increased demand across our supply chain and production base, resulting in longer lead times and higher input costs for certain semiconductors and specialty components. We are taking proactive steps, when available, to secure critical components to minimize impacts on our lead times, profitability, and customer pricing. Operating expenses are expected to be about $54 million. We intend to continue investing in resources to capitalize on the growing list of HPC opportunities and we expect quarterly operating expenses through the balance of the year to remain in the low-$50 million range, consistent with our Q3 guidance. In light of expanded resources to support HPC-related growth, our operating model continues to demonstrate solid profitability leverage with approximately 40% of projected sequential revenue growth expected to convert to operating profit. Net interest income in Q3 after interest expense and foreign currency impacts is projected to be approximately $1.6 million at current interest rates. The Q3 tax provision is expected to be about $5.2 million, and diluted shares are projected to be approximately 55 million, including 5.8 million shares attributable to the convertible debt. Of that amount, 2.4 million shares will be fully offset by the capped call but are required for U.S. GAAP diluted EPS calculations. In summary, our 2026 priorities remain focused on supporting the R&D investments and production ramp required to secure multiple design wins in the compute market including AI data center infrastructure, HBM memory, and physical AI applications, while progressively increasing EBITDA margin and free cash flow. That concludes our prepared remarks. And now we will open the call to questions.
分析師問答
Wait for your name to be announced. Our first question comes from Krish Sankar with TD Cowen.
Hi, thanks for taking my question and congrats on solid results and guidance. Luis, I have two questions. First, just to check on your pipeline of $850 million: you said your four customers qualified — are those three HPC and one HBM customer? And the other five customers in qualification, are they all HPC for AI handlers? When do you expect that to potentially convert into revenues?
Oh, hi, Krish. Yes, you are correct on all of your statements. We have three HPC and one HBM in the qualified category, which represent about $190 million in annual opportunity. We also have close to $200 million in near-term qualification. On the timeline, it spans months. We have one customer that is right on the edge of giving us the green light on qualification. The data supports it but we do not have the official sign-off yet. We are already planning on shipping a production configuration for the actual INTERCEPT device, which is next generation. We typically qualify on an existing generation device so it can correlate to what they have with other systems. We are shipping the production configuration at the end of August to move toward certification for the INTERCEPT. So we should get a qualification pretty soon, within about a month, I would say. The fifth one on the list we are looking at early next year. Systems are shipping late August and I think, accounting for about a six-month qualification process, that would put us around mid-Q1 for the last one in that bucket.
Got it. Very helpful, Luis. And then as a quick follow-up, you mentioned getting traction in silicon photonics for the optical engine. Can you quantify how much that opportunity would be either this year, next year, or the next few years? Is this mainly an insertion 1, or which insertion are you targeting?
Today, we are shipping interface solutions, not full handlers yet. We are shipping interface solutions for insertion 3, which is the optical engine test. As I mentioned in the prepared remarks, we booked in the second quarter a $500 thousand order for interface. This is a continuation of a business we started in Q1. We are shipping or planning to ship a qualification unit for insertion 3 by the end of the year with a handler. We are also demonstrating an insertion 4 configuration with a handler to certain customers that I do not have a specific timeline for yet; it could be Q4 or Q1 next year. It is a little tricky now getting systems to go on qualification given the production orders we are satisfying. I have not fully quantified total co-packaged optical (CPO) revenue for 2027 or 2028 because we view it as part of the evolution of HPC, so it is embedded in the $850 million pipeline at the moment.
Got it. Thank you very much. Congrats again.
Our next question comes from Brian Chin with Stifel.
Hi there. Good afternoon. Thanks. Nice results and outlook, and thanks for letting us ask a few questions. Maybe the first question: looking at the multistage pipeline graphic you have in the slides — I think last time it aggregated to $750 million and now it is $850 million — can you break down what that $100 million increase is? Also, part of this may be that recurring portion. Can you explain and break down what you mean by recurring?
Okay. Hi Brian. Two separate things. On the pipeline increasing by $100 million, that really comes from better visibility in the forecast and adding a couple customers in the engagement phase. We also have better visibility on the customers in the qualified or in-qualification buckets, and the numbers they are giving us for next year are larger than previously estimated. On recurring revenue, there are really three components. One is device application kits. Device lifecycles are typically around 18 months in production and you need new device kits for the handler when a new device launches. The second component is thermal heads. As devices grow in size, required thermal head coverage over the die increases; it could be multi-die or different die heights, so thermal head touchdown evolves with product evolution. That can be an upgrade element of the system. The third element is maintenance of the equipment — spares and consumables. A fourth element that is newer is software: subscription software converts installed base into recurring revenue. Last quarter we sold a subscription software arrangement — about $330 thousand a year — into an HPC customer in conjunction with system orders, and we estimate a few million dollars of lifetime value for that subscription. So those are the recurring elements.
Okay, great. That is super helpful. Also, in terms of the full-year revenue guide increase, going from 25% to 35% growth — I calculate something like $45 million incremental — you only increased your HPC forecast by maybe $10 million to $15 million. So the majority of the residual is core business growth. Can you expand on what you are seeing there in terms of improvement?
Industrial is taking up a lot of the growth. We are seeing the utilization rate overall pick up, and part of the growth is the recovery across core segments. Industrial is leading the return. We have seen a roughly 5.5 percentage point increase in utilization over the last six quarters or so; it's a nice increase.
And from a supply standpoint, Jeffrey and Luis, I know the in-qualification bucket is not banded with a specific year, but what are you targeting to be able to get capacity to in a 12-month horizon with the Malaysia expansion? Given the funnel, what is the plan?
Hi Brian. Frankly, that is a key question. As part of the 35% projected growth in fiscal 2026 this year, I do not think we have much more room to grow on the HPC side this year. We are expanding capacity between end of Q2 and year-end. The plan is to increase output by about 50% over the next six months for the HPC handlers specifically. Between now and the middle of next year, the intent is to increase output by a little more than 100% — essentially double between now and June/July next year. We do see a path to triple that output between now and the end of next year if the market takes us there on the HPC side. We are evolving our production pipeline in Malaysia in line with the expansion of the business and the $850 million customer pipeline.
To add, it's a bit easier to expand our own facilities. We are expanding the factory in Malaysia and already started fitting out production floor space. We are looking at a new construction or office building to clear production space and be ready probably in Q1 of next year. The bigger challenge is executing with the supply chain — getting more suppliers to support the expansion plan. That is taking most of the attention right now.
Our next question comes from Kevin Garrigan with Jefferies.
Yes, hey guys. Congrats on great results. Your new customers and engagements — can you talk a little bit more about how those opportunities developed? Are these customers using competing platforms and looking to switch? How much additional opportunity do you see beyond the current pipeline? You mentioned $850 million — is it pretty much sky's the limit at this point?
Well, there is always a limit — there is a finite number of customers out there. We are not engaged with all of them yet and honestly we are fairly busy with the 19 or 20 customers on the list. There is a lot to do — many projects, applications, and qualifications in work. Will we add more? Sure. As customers flow down the pipeline and it widens at the bottom, we will start adding a few more at the top. You can imagine who the names are: the fabless and hyperscalers developing or who have developed their own semiconductor GPUs or custom ASIC devices and network processors. Those are the constituents on this customer pipeline.
Got it. Okay, that makes sense. And can you talk about the higher input costs you mentioned — any specific components you can call out? Are these components something you expect to be a potential headwind for getting systems out the door at some point?
Hey Kevin, it is Jeffrey. At the moment, it is mainly memory. Memory is leading in higher cost and longer lead times. We have taken advantage of advanced purchases and looked out over multiple quarters and made buys based on the quantities we need for that time frame. So it's not an issue for Q3, and our guidance has taken into consideration risks and potential constraints. We are working through it — as Luis said, ramping the supply chain is the biggest challenge at the moment.
Okay, perfect. Thanks, guys, and congrats.
Thank you.
Our next question comes from Craig Ellis with B. Riley Securities.
Yes, thanks for taking the question and nice job on the execution, guys. I'll start with the near term: you mentioned Q3 growth up 14% sequentially with HPC and some traditional businesses contributing. Can you provide a little more detail on the relative contribution of each for this quarter's growth?
Hey Craig, it is roughly about 50% HPC-driven and 50% core business, so about $10 million out of each.
Got it, thanks. As we look ahead to Q4, remind us what you would think the seasonality would be in Q4. Also, are there any particular one-off items we should be aware of beyond Q3?
To answer the first part, we now see revenue increasing about 35% year over year for the full year. That puts us in a range of about $610 million to $615 million for the year. To get there, Q4 would be sort of flattish to Q3.
As far as seasonality, utilization is broadly hovering at 80% — a couple of markets at 82% and a couple at 77% to 78%. We are right at that threshold; if we see a seasonal pullback it could quickly accelerate again in Q1. At the moment we view the core business as staying flattish going into Q4. I think we are kind of maxed out on the HPC side in Q4 as well; we are still building capacity through the end of the year. Positive news: we received in early Q3 a single customer order for $26 million for our Eclipse 6 systems for the high-performance market, and that is largely going to ship in Q4. So Eclipse output capacity is filling up quickly in Q4 already.
You have good visibility on Q4. Going back to capacity and being fairly tight relative to capacity, what levers do you have to give you wiggle room in the 0.5% to 1% incremental growth? Or is it mainly supply chain and factory expansion?
I wouldn't call it wiggle room; it's a lot of hard work from supply chain and operations. With the expansion of the factory in Malaysia and a smaller expansion in the Philippines for thermal heads, we are on track to double our output between the quarter we just finished and the beginning of next year. We could potentially triple output by the end of next year depending on how the market evolves. The step up is exiting this year into next year, not a year from now.
Our next question comes from David Duley with Steelhead Securities.
Good afternoon. Thanks for taking my question. I want to continue on the HPC questions. Looking at your funnel chart this quarter, the qualified customers show four for $150 million, and last quarter it was three for $100 million, so one customer added about $50 million. For the five other customers in qualification, how should we think about their mix? Are they in a range we should average out, or how should we think about how each customer contributes to the qualified SAM?
Hi David. There is a range. We have customers that we view as low-$30 million annual opportunity and a couple likely to be individually $60 million annual opportunity. That is about the range per individual customer.
Thanks. You mentioned capacity expansion and doubling output in 2027 into early 2027. Could you confirm that by the beginning of next year you would have capacity closer to $200 million to $250 million in HPC revenue potential? Also, who is the primary competitor in these slots — is there an incumbent?
Yes. If we are delivering $100 million to $110 million this year, we should have the capacity to do more than $200 million, probably closer to $250 million by the beginning of next year, all else equal. From there, we can expand further in 2027. The primary competitor is essentially a single incumbent: Han Precision from Taiwan has been the primary competitor in this space. As power levels increase and processors become more complex, interest in advanced thermal solutions grows, and Cohu's thermal technologies are being seen as among the best in the market.
Okay, thanks very much and congratulations on the results.
Our next question comes from Denis Pyatchanin with Needham & Company.
Great. Thank you. I have a question about the HPC rates. Previously it was about $90 million expected for 2026, and now it is about $105 million, so $15 million incrementally higher. Is more of the upside coming from Eclipse handlers or the Neon HBM inspection systems?
Hi Denis. You are right — if you pick the midpoint of the ranges we gave before and now, it's a $15 million increase. Note the new range is also tighter; we originally had $80 million to $100 million and now are calling $100 million to $110 million. This whole increase is on the Eclipse HPC side, entirely there.
And on the component challenges, specifically memory, do you think you will be able to pass on some of these costs to your customers within the next three to six months, or will you have to absorb them into gross margin?
Hey Denis. We have just started conversations with customers about cost recovery, so stay tuned on that.
Our next question comes from Quinn Fredrickson with Baird.
Hey, afternoon guys. Thanks for taking the question. On the cyclical piece, specifically automotive, you mentioned in your prepared remarks that orders were soft there. What is your visibility on the timing of a turn in that business?
Quinn, good question. Automotive has been more sporadic. We had a bit of a bump in the last two quarters and then it came back down a bit last quarter. I would expect automotive not to be at 80% until probably late Q1 or Q2 of next year. That is my expectation — it is lagging other end markets in the core business recovery.
And on OpEx, can you discuss your ability to pursue the full $850 million HPC pipeline? Would you be able to pursue that full pipeline at this third-quarter level of about $54 million of OpEx, or would additional investment be required?
That is the plan. The forecast at the moment is to keep OpEx at about $54 million. We think that is an elevated but appropriate level to provide the resources necessary to capitalize on these opportunities.
To clarify for everyone: when we talk about the $850 million, that is an annual spend by the customers on this class of equipment. If we were to capture the totality of this opportunity immediately, it would represent an $850 million revenue stream in a single year. That is not the case; we are qualifying over time and will see how the opportunity evolves. The market is also growing, but the $850 million figure represents annual addressable spend from the customers in our funnel.
Our next question comes from Vedvati Shrotra with Evercore ISI.
Thanks for taking my question. With AI, we are seeing the CPU-to-GPU ratio changing, with a higher CPU ratio in some applications. How does this play into the HPC opportunity for you? Where do you see yourselves participating in this shift?
Hi Vedvati. You are correct; we are seeing very strong demand on the CPU side and CPU power in test is approaching GPU levels. That does not materially change our approach because the Eclipse is designed to be flexible and straddle across applications without changing the capital equipment. You can change the configuration or upgrade thermal heads for different applications. We can support both CPU and GPU with reusability of equipment, which is a fundamental value proposition of Eclipse. So the shift in ratio does not hurt us — the product is built to handle both.
And on lead times, how have your lead times changed in the last three months for Eclipse tools?
Just to clarify, we have not seen shortages yet. When we have the opportunity to pre-buy components, we are doing so and that has worked well. However, those pre-buys — mainly integrated circuits and memory — are being purchased at higher cost, so input costs have increased. We are initiating customer discussions about passing some of those costs on.
Right now, Eclipse lead times are holding well at about 13 to 14 weeks from receipt of PO. With that said, big orders — like the single $26 million order we received early in Q3 — will fill multiple weeks of shipment. So 13 weeks to the first system shipment, but subsequent systems for that order will ship across multiple weeks. We are getting ahead of forecasted orders and procurement where we can to meet demand.
Our next question comes from Christian Schwab with Craig-Hallum.
Thanks for letting me sneak in a question. Great quarter and guide. It has been quite some time since we have been operating in our core business with 80%-plus utilization and customers ordering to add capacity. Historically, when utilization rates go above 80% and demand looks to continue, how many quarters or how long does capacity typically get added for?
We would say about six quarters is probably the typical average cycle. We have examples going back to 2021 where it was unique and longer, but six quarters is a reasonable norm.
Finally, we started talking a few quarters ago about being more active on M&A. Given the strong demand and the need to execute, are you still looking at M&A or do you want to avoid distraction while the core business is strong?
Yeah, this is Matt. Execution is the number-one priority. There are opportunities to accelerate in some areas — our growth areas are HPC and software — and we will continue to evaluate build vs. buy opportunities. But you are right: the focus is on execution and looking at potential ways to accelerate growth without distracting from execution.
Fantastic. No other questions. Congrats on the strong results again.
That concludes today's question-and-answer session. I would like to turn the call back to Matt Hutton for closing remarks.
Thanks, operator. Before we sign off, I would like to note that we will be attending the following investor conferences over the next three months: the Needham Virtual Semiconductor Conference on August 19, the Jefferies Semiconductor Conference on August 24 in Chicago, and the CEO Summit on October 13 in San Francisco. If you plan on attending any of these conferences, please reach out to your conference contacts or let us know and we will arrange for a one-on-one meeting. I am also pleased to announce that Cohu will host an investor day on November 10 in New York City. We will provide a deeper look at our strategy and long-term financial framework. Additional event details will be shared closer to the date. Thank you for joining today's call. We look forward to speaking with you soon.
This concludes today's conference call. Thank you for participating. You may now disconnect.