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Welcome, everyone, to the MPS Fourth Quarter 2024 Earnings webinar. My name is Genevieve Cunningham, and I will be the moderator for this webinar.

Joining me today are Michael Hsing, CEO and Founder of MPS; Bernie Blegen, EVP and CFO; and Tony Balow, Vice President of Finance. Earlier today, along with our earnings announcement, MPS released a written commentary on the results of our operations. Both documents can be found on our website.

Before we begin, I would like to remind everyone that in the course of today's presentation, we may make forward-looking statements and projections within the meaning of the Private Securities Litigation Reform Act of 1995 that involves risk and uncertainty. Risks, uncertainties and other factors that could cause actual results to differ from these forward-looking statements are identified in the safe harbor statements contained in the Q4 2024 earnings release and in our SEC filings, including our Form 10-K, which can be found on our website. Our statements are made as of today, and we assume no obligation to update this information. Now I'd like to turn the call over to Bernie Blegen.

Thanks, Gen. Good afternoon, and welcome to our Q4 2024 earnings call.

In 2024, MPS posted its 13th consecutive year of growth with full year revenue of $2.2 billion, up 21% from 2023. For Q4 2024, we had record quarterly revenue of $621.7 million above Q3, 2024 and 37% higher in the fourth quarter of 2023. This performance reflected the strength of our diversified market strategy, consistent execution, continued innovation and strong customer focus.

Let me call out a few highlights from 2024. We introduced the silicon carbide inverter for high-powered clean energy applications. Additional revenue is expected to ramp in late 2025. Other silicon carbide-based applications are expected to be introduced in multiple geographies during both 2025 and 2026.

We developed a family of high-quality, cost-effective automotive audio products utilizing DSP technology from our 2024 Axign acquisition powered by MPS Solutions. For enterprise notebooks, we launched a battery management solution and are sampling a new mini phase power stage. These products enable faster charge time and significantly improved notebook battery life.

Building on our first analog to digital converter design win in 2024, we are developing new high-accuracy 24-bit converters, which are expected to ramp in the second half of 2025. MPS continues to focus on innovation, solving our customers' most challenging problems and maintaining the highest level of quality.

We continue to invest in new technology, expand into new markets and to diversify our end market applications and global supply chain. This will allow us to capture future growth opportunities, maintain supply chain stability and swiftly adapt to market changes as they occur.

Finally, I'm pleased to announce our quarterly dividend will increase 25% to $1.56 per share and during Q4 2024, we completed share repurchases under a 2023 $640 million authorization. This week, our Board of Directors authorized a new $500 million 3-year share repurchase program.

For the 3 years ending December '24, MPS has returned 86% of its free cash flow to shareholders through share repurchases and dividends paid. Our proven long-term growth strategy remains intact, as we continue our transformation from being a chip-only semiconductor supplier to a full-service silicon-based solutions provider.

I will now open the webinar up for questions.

Thank you, Bernie. [Operator Instructions] Our first question is from Tore Svanberg of Stifel.

Congratulations on the solid results, either Michael or Bernie, could you talk a little bit about the dynamics here in the March quarter, especially by segment. Obviously, we know some end markets are still soft, yet others are actually quite healthy. So any more color on how you see the various segments in the March quarter would be really helpful.

Sure. As far as our Q1 outlook, I think you need to take the perspective that relative to the size of the market, we're a fairly small player, but we have a lot of greenfield design wins, which have been previously delayed that are now starting to ramp as we enter 2025. So when we look at 2 of the areas that are going to drive most of the growth in the quarter, automotive is continuing to grow and communications, where we launched some new products in Q3 are bouncing back from Q4 and will continue strong.

Memory's demand profile is also very good, and notebooks look to be having a Q1 uplift. We don't know for sure, but we've had many design wins and believe that those are coming into the market. On industrial consumer, we have a lot of new product ramps that those are likely to start to contribute at the end of 2025. And the enterprise data will be down.

Very good. And as my follow-up on enterprise data, how should we think about that business throughout calendar '25. Again, obviously, a lot of different dynamics, different players -- the growth trajectory for that business throughout calender '25. Any color you can share with us there?

Yes. We don't talk about it in the near term in the specific customers as we always do, gave me enough -- the near term is -- we can't control our customers buying pattern, their allocations, and this year -- but overall, this is a multi-billion-dollar market segment. We are getting ready for these next few years in the growth and it's clearly is a multibillion-dollar opportunities. But for us that's in near terms, we -- this year could be even or maybe slightly up, okay, we -- this is our best guess. We don't know.

Yes. Just to add a little bit of color to how we see the year rolling out. We believe that we will be off to a slower start in the first half of the year. But as the year develops, the customer base is expected to broaden as hyperscalers launch their new products. So we have multiple product ramps with both existing customers as well as with these new hyperscalers. So as Michael just said, we believe it's likely to be a flattish year. But we believe that from a quality and supply availability perspective, we're in very good shape.

It could be up too, yes. We don't know. Yes.

Exactly.

That's fair. Congrats again on the results.

Our next question is from Rick Schafer of Oppenheimer.

I'll add my congratulations. And if I could maybe tack on to the back of first question. I was wondering if you could update us maybe just to give us a sense of the number of the accelerated projects that you expect to ramp this year and into 2026. Just to kind of get a sense. I heard you loud and clear, Michael, this is a $1 billion-plus TAM. I'm just trying to get a sense of how...

So multiple billion dollars.

Multiple billion dollars.

Yes.

Don't be shy about that.

We're not shy on that, like, we don't want to lose that, okay?

Rick, this is Tony. I'll jump in. I think what we want to say is we're engaged across all the hyperscalers. But what you heard Michael say was that the exact timing of the ramp is very difficult for us to call. So I don't think we want to put a specific number of customers that are exact ramp times out there other than saying that we're engaged broadly across them. As Bernie said, we believe that's going to scale through the second half.

I can give you an examples. And we foresee that these are projects in the ramp in the 2022, 2023, you look at the automotive side, we said we have a lot of design wins. And we said all these are going to ramp up, we put a lot of -- have a lot of inventories. And 2023 is kind of flattish years. Our customer delayed their launch. So the '23 affected us. And -- but I keep saying we don't really care. And as long as we have a product designing, and designing the new product, especially. And returning to revenue plus minus 12 months, 18 months.

And if I could just add to Michael's comments there. When you look at automotive, it was delayed, not just in '23, but also in the first half of '24 against what we had built inventory against our expectations. But now as you can see, it's very solidly on track with 2 consecutive quarters of growth.

And likewise, you could apply that same formula to what we're seeing in the communications with the release of the fiber optics in the data center. So we have the technology, but we're at interstates and ramps in the market. A lot of that is a little bit out of our control.

Well, even directly AI powers, we have so many projects working with multiple hyperscale companies. And so we cannot tell which one is world ramping first, okay, I know what the magnitude they are ramping. Just we are get the supply chain ready, get our quality testing facility ready to get these -- to receive these revenues. So turning to these revenues. And so the timing we care less.

Thanks for all that color, Michael. It's funny you're talking about auto because that's my second question, if I could. The EV conversion to 48-volt power into 800-volt batteries is sort of set to ramp this year, I believe, and I know you mentioned in the prepared remarks, Bernie, that you're going to be shipping power isolation content second half, I think I heard you say.

And I believe EV is about 3/4 of your auto business. So I just wonder if you could talk us through sort of what your potential content given all those changes, right, all these additional drivers, what your content looks like last year or potential content per vehicle versus what it looks like in 2025 with all these new jump balls?

That's a very good question. And we mentioned about 48-volt system many, many years ago, okay, and particularly for auto now [indiscernible] it became a hot topics. And we have all these product ready. We're designing those new vehicles. And these have based on 48-volt systems, we can capture a lot -- and in -- once their products -- once their vehicles are ramping up put on the market and initially will be another dominant players.

And I think that this is -- the rollout in automotive starts with EV, which is quicker to adapt new technologies onto their platform, but we expect it to continue for a multiyear period.

Yes. Again, MPS, well again, we provide a 48-volt integrated solutions. And all of these are high-power modules all based on the MPS silicon solutions. And those were significantly changed all these are discrete way of doing -- [ and put it ] together the 48-volt solutions. So that definitely sets MPS apart from the rest of a competitor.

And Rick, beyond just pure 48-volt, remember what you saw beginning in Q3 was designs outside of ADAS start to hit the market, and we saw more broad-based growth in the Auto segment, and we'd expect that to continue as additional sockets come to market. So I think that's the other dynamic that's happening as well.

Our next question is from Ross Seymore of Deutsche Bank.

Just wanted to revisit the enterprise data side of things and not to overplay that. But the market share gains and dynamics in the server CPU side of things, has that changed at all? I think everybody knows what's going on with one key customer and the diversification, market share shifts and those sorts of things. But you guys have other things that are happening as we speak as well. So I really wanted to focus on the dynamics outside of those, not just with the ASIC providers and other GPU providers, but also with the CPU market share in servers. So any update on that would be helpful.

Ross, let me say something else of first. Our inventory -- our inventory low and the channel inventory is low, we're going to ramping up. Okay. And the rest of us [Indiscernible]...

I don't know if I had a follow-up on that.

It's a very good question. And let me just give you a little bit of what we're seeing. It's a fast-changing landscape. And what I mean by that, it's difficult to offer commentary on enterprise data in these different components. The lines between CPU and GPU are becoming blurry. And in support of both lines of business, we have a lot of standard products, so while we've historically had better visibility in the separation and could track them a little more easily it's hard for us to make more than just a generalized comment about what direction either market segment is going in.

Yes. Let me add to that, okay. We have -- we're getting significant shares about -- on the server side. And once you see the server markets start to ramping up, while the MPS revenue will ramp with it.

Great. I guess as my non-inventory follow-up. On the communications side, you guys did well on that in the second half of the year. It's a little bit choppy still, but can you just give us an idea of the profile of that business how much is kind of the old comps versus the new coms and give us a little bit more color on what the growth driver is that gives you the confidence for the year. And I assume it's on the optical side of things, but just a little more details on that would be helpful.

We are all laughing, okay. And would you say the beginning of the question.

It was comps, right? Ross.

Yes, on the communications side, it's just -- you guys have been talking about that growing for many, many years and that finally did last year, but I know there's some legacy pieces and some new pieces. So I just wanted to try to get some color on the difference between them.

Yes, Ross, I think you kind of hit it when you were asking the question, right? If you look at comps going forward, the area of strength that we've really been calling out is in optical. And we'd expect that to continue as part of the overall data center opportunity that you heard Michael talk about. So I think that's probably the biggest inflection point that you've seen over the past couple of quarters versus the legacy business.

Our next question is from Gary Mobley of Loop Capital.

Let me extend my congratulations as well. I wanted to start with a housekeeping question. Were there any greater than 10% customers in fiscal year '24. And if you can't name the customer, can you at least give us a sense of how big that customer was in the year?

Certainly. For the 3 quarters, Q1, Q3 in our 10-Q, we said that we had 2 direct customers, which are distributors that were greater than 10% and one indirect customer that was greater than 10% and that carries through for the full year as well.

Okay. But you can't give us a number that we'll publish in the 10-K in terms of the percentage of revenue from that direct customer?

Not at this time.

Okay. I tried. All right. I wanted to ask about revenue diversification outside of your traditional power management market. And if I count correctly, there's maybe 4 shots on goal and you highlighted some of those in your press release and that would be data converters, silicon carbide, DSP audio and battery management systems.

So my question is, how big in revenue terms can that be in the fiscal year '26 time frame? Or said differently, how much of a growth catalyst can be on top of what you're producing traditional power management?

Traditional power management is they're talking about -- these are low voltage things if it's what you mean, okay, the silicon carbide is, of course, to me is also in the power management and but these are much higher power, very high power management. And we don't want to put on the numbers, but these are, again, is $1 billion, a couple of billion-dollar opportunity for all of them, for MPS. I don't want to put a time line on that. Okay.

We picked a couple for the script, but we only could put a few in for time, but I think our strategy continues to be plant a lot of seeds in a lot of different areas that can turn into revenue as the market decides what to prioritize.

Well, that's a good point. And the only -- yes, we -- on March 20th, we have Analyst Day and this time when you come over, you will see a lot of showcase on the MPS new technologies. And these all will contribute in the next few years of growth. And if you want to paying down what is the number? I would say that, if you look at the past for MPS, what the model is, we will -- I don't see anything -- any reason we should change, so faster or slower.

Our next question is from Quinn Bolton of Needham.

I offer my congratulations as well. I guess, Bernie, Michael, obviously, a very strong start to the year in the March quarter. Your comments about enterprise data certainly sound like that business might be more second half weighted. And so I guess I'm just trying to think what sort of revenue pattern would you expect through 2025? Is the first half slower the second half materially stronger. Do you think that you have some puts and takes. And so it's a kind of more linear ramp through the year? Just any sort of thoughts on the shape of revenue through '25 would be helpful.

Yes. So the comment that we made as far as the outlook for the year really looks at the design wins, we've secured and an expectation of what is going to be ramping. Keep in mind, though, that particularly in the AI side of enterprise data that has tended to be very volatile and that we have relatively short lead times as far as when we get hard information or POs for actual delivery. So I think that within the context of what we believe is most likely to happen, we're very secure by saying a flattish year that's weighted to the back half. But how that curve actually plays out over the quarters is to be determined.

Yes. Let me add, Bernie said volatile is this industry, these applications, if you will. And again, and very -- is at the initial ramp. And so you only involved with -- we have a few customers. Now and again, we talked about it before, so we have multiple customers. And they start to ramp. It's very good for MPS, we focus on the diversification and even within a single segment.

Okay. I guess I was going to be my sort of second question, just thinking about the Enterprise Data segment. Can you just give us a sense what you're seeing in terms of one, like-for-like pricing pressure. And then two, I think some of the newer designs really move away from a silicon-only solution to much more of a module solution?

And I assume that those carry much higher dollar content for you. And so do you see -- as you mix the customer, you ramp some of the new hyperscaler designs, do you think the blended ASP trends in that business even if you see some like-for-like pricing, could that go higher through the year as these new platforms ramp?

Well, MPS is going to stick with our models in margin models -- gross margin model. We provide performance. And if it doesn't fit the MPS business model, we don't take those business and so forth, we're the leading suppliers in silicon as well as a power modules. And -- so this is the reason we in a very short time in the last 12, 24 months, we have engaged with all these hyper scales, we have all these projects designed away -- design any. And also, we have a future products where many future products in the development.

Our next question is from Chris Caso of Wolfe.

Yes. I guess just to start, I just want to make sure I understood correctly some of the comments. So when you look at the enterprise data flattish for the year, weighted to the back half? And I'm assuming that's the entirety of the enterprise data segment, not just that associated with AI. And maybe you could talk about how -- you talked about some of the hyperscale or some of the custom ramps happen in the second half of the year? Is that what's driving that strength in the back half of the year? What's kind of driving that back half weighting?

Chris, that's an accurate observation. It's -- as we look at the ramps for SoCs and some of the tensor processor products that are expected to come out. We've been prototyping those, but the revenue ramps are really weighted to the second half. And in addition, some of our existing customers in the AI business, in particular, have multiple new products that they're ramping, and those will have different demand profiles as well.

And then that's just within the enterprise data. I think another important ingredient is what we've referred to as the trickle-down effect as we see the other applications that are outlined to enterprise data or AI specifically, in memory, optical and networking and all 3 of those are the areas for growth as well during 2025.

Right. And I guess, as you look at the full year, obviously, from what you guys are seeing and the better than seasonal Q1. I'd safe to say you're starting out a little better than some of the others in this space.

What's your thought as you go through the year? I mean, is there any lumpiness with regard to some of the opportunities that are ramping early in the year that we should consider as we go through the year. Or is -- excluding the Enterprise Data business, do you see revenue kind of on a fairly stable [ up slope ] trajectory as you go through the year?

Yes, I can tell you some. It's very difficult to say. Surely you go by year by year, we don't go by year by year. Okay, I mean but all the -- we will have to report it year by year. And I'll give you examples. Our large customers start to push out some product, pulling a lot of other works. So we can't really tell and other customers, other hyperscale start to ramps, okay, started telling us we're going to keep a ramp. Whether the ramp has been effective, and we move our revenue needles in the Q4 of this year or Q1 of next year, we can't tell.

Yes. Maybe the only thing I'd add on Michael's, and it just comes back to the focus on what you can control, right? And the organization looking at providing the best products with the best quality and that's what we can do right now. And as the market then plays through that will turn into revenue. So I don't think we're trying to get into a quarter-by-quarter debate here, Chris. I think that's how we more landed kind of in the first half, second half dynamic at this point.

Our next question is from Joshua Buchalter of Cowen.

A couple of times, you've talked about the hyperscale program and sort of driving growth more so in the back half of the year. I guess if we compare these sockets to what you've already done in AI and the accelerator side, there's a lot of companies in the analog space that are saying that they have power engagements with ASIC vendors as well.

Would you expect the majority of these merchants -- the ASIC programs to be dual sourced. And I know you're not going to necessarily quantify share, but I'd just be curious to hear how you're seeing the competitive environment in these sockets?

Sure. Let me take the first opportunity there. If you look at our most recent track record in the new -- and I say new, relatively new AI business, the reason we were able to secure a lead position initially is because of our ability to innovate and our time to market, along with our overall performance characteristics.

So to the extent that, that is valued in these product launches, those are the qualities that give us an opportunity to have a first mover advantage. But as we've said a couple of times on this call that when we look at our customers, we don't necessarily control what their decision process is or why. And so again, we lead with our strengths and believe that we're well positioned and then we'll see how the numbers turn out towards the end of the year here.

Yes, you mentioned the second half, you're paying that down on the second half of the ramp. What we mean is in the very near future. It could be Q1, but Q1 of next year or could be Q3 of this year or even overlaps in Q2. And a lot of things, as I said earlier, okay, and our large customers, some of the push out other ones pulling, okay, I mean, pulling very early to it, okay I mean -- so we cannot tell.

I guess to put a punctuation statement, we remain cautiously optimistic, but our momentum is certainly in the right direction.

That's the professional way to say it.

We always get the more professional answers from Bernie. Thank you both for the color there. As my follow-up, I guess you're kind enough to give sort of a rough outlook for enterprise data growth for 2025. Any more clues you can give us on how you're expecting either at the company level, 2025 growth to shake out? And any sort of which segment you would expect to be the biggest contributors to growth.

Biggest ones, we're thinking there's a multiple of them. Yes. And -- well, multiple of them will ramp in a different -- many different segments. And we -- sometimes we pick the numbers I think it was wrong, okay, and other ones are coming up. And we focus on the diversified growth that -- that is the key strategy. So we've been playing the same principles for the last 25 years. And if this thing doesn't work, and then other things will work, okay, that's always with -- always our strength. And as long as we bring up the best performance, highest performance products in the market. We will -- if this segment slows down for whatever the reasons, other segment will pick up.

Our next question is from Will Stein of Truist.

Great. Let me start with what everyone's been asking about is enterprise data. I think you highlighted, Bernie, that it's going to be down sequentially, can you give us a little help on the modeling because down could be down like 3% or like 30%, maybe just dimensionalize it a little bit to give us some context, please?

Yes. I think that it would be really hard. Again, what Michael just said is that the strength of our model is the diversification. And I would probably point to the outlook that we've given in total for Q1 as being a risk profile that we believe we can deliver comfortably against based on what we can see in our backlog, and the continuing the ongoing ordering patterns. But again, trying to actually stratify with a level of precision on the end market at this point might be difficult.

Yes, you may be looking for positions, okay, and the realities in the business, we go for long-terms, and we go for long-term. It doesn't mean near-term will have uplifting in our revenues.

Yes. Clearly, my ability to model the near term is problematic. A follow-up, if I can. Maybe let me switch gears a little bit. Michael, I think in the past, you talked about having some capability in microcontrollers. Historically, I know that's not like a focus or it's -- it's not a meaningful part of your revenue as well as I understand. Should we expect that to change? There's so many new products, you talk about silicon carbide power and converters now and DSPs even, should we expect microcontrollers or another -- any other digital sort of logic technology to become a bigger part of your revenue over time?

Very good questions. And we don't list them out a microcontroller as a stand-alone standard product that we sell. As a matter of fact, we -- as we have a many -- we sell many microcontroller now, okay? And as I recall, in my mind, can come up 12, 13 microcontrol projects is ongoing. Some of the stuff is shipping.

But what we sell microcontroller is on assisting level. And as Bernie earlier said in the last few conference, so the MPS is evolving to a silicon-based solution company. Microcontrollers plays a key role. And all these are powers, all these other lighting, all these other audios including power supply, including AI, they all have microcontrollers in it. And we don't separate the items in a standard microcontroller part. But a lot of -- and -- and clearly, also a lot of microcontroller were integrated. And that's the reason we don't list the part. This is separate.

Our next question is from William Kerwin of Morningstar.

A lot of good questions so far, so I'll try not to beat any dead forces. But maybe it sounds like at least in the March quarter, automotive, communications seemed to be driving some of the growth. So I'm wondering if you could just give a broader view into the demand for those markets for 2025. And your opportunities for share gains in those two?

Sure. Well, good to hear you in the Q&A, by the way. When you look at the end markets, most of the ones that we have are long design cycles. And automotive probably lends itself to being the most predictive because we secured a design win 2 to 3 years for an EV in advance when it gets launched or as many as 4 to 5 years for a traditional internal combustion.

Now having said that, the timing of those ramps, when we get the design win comes to market, still remains a question mark. But within the context of 6 to 9 months we can be reasonably predictive. So in automotive, we see a continuation of what's been driving our last 2 quarters of growth as far as EVs in China. And those will be supplemented in the second half of the year, more likely by a European OEM that is going to be bringing up an autonomous driving ADAS solution, as well as additional content opportunities in the North American EV company.

And then when you look at the communications side, I think that is we're very early stages being able to ramp the revenue opportunities, particularly in fiber optics. We started out with 2 primary customers, but that -- we expect that customer base to diversify over the year.

As always, the pattern. Yes.

That's excellent. And then maybe one just on some of the new products that were introduced at the start of the call, really just which one of these maybe excite you the most? And what are the new markets that you might be able to enter with these that are the most attractive, do you think, from a growth perspective?

The most exciting product we haven't announced yet. Come over -- come to Analyst Day, March 20. And these are equal babies, okay? They all grow should be very same right now.

Again, we picked 4, but there's many more behind that. So it's hard to pick just one. Actually, we wanted to have a teaser to make sure we had the best turnout for the Investor Day.

Okay. Excellent. Well, we'll wait for more detail in March.

Our next question is from Hans Mosesmann of Rosenblatt.

I'll be quick. What is the split for your enterprise data between AI and non-AI, if that's possible? And I have a follow-up.

Yes. Again, I think we already answered that question by saying that those lines are getting blurry, so we really don't have a meaningful way to make that divide.

And our customers -- and we're not appreciate -- we disclose those numbers. And our customers have made it very clear.

Is non-AI considered memory and optical. Historically.

They are different market segments. Optical and communication, memories and storage.

Fine. Okay. At the risk of upsetting your customers, if you answer. What is the share between your historical AI customer for this year versus accelerator customers? What's the split? Is it 10-90 or 50-50 a year?

For this year and at the end of the year, and we probably will have a mare -- in the near term where we have a more clear picture, but now we don't. And we are in -- frankly, it's a way, as Bernie said, we're not in a position to answer it. And also by -- either by product, they share the same product. And also our customers doesn't want us to release these informations.

Our last question is from Joe Quatrochi from Wells Fargo.

Just curious on the notebook strength that you guys are talking about into the first quarter. Wondering what's driving that? Is that strength from -- that you're starting to see pull for AI PCs? Or is it channel refill. Just trying to understand some of the dynamics.

That's a great question. In fact, we believe that a lot of the design wins that we've had in notebooks more recently are tied into new AI product demand, but as I said, it's a little bit of an atypical ramp for Q1. So we really don't have a definitive answer on the why behind it.

Got it. And then just trying to think about the new projects that are ramping in the second half for enterprise data. Any help that you can provide and just try to think about like the architectures of those solutions that you're shipping to your customers? Are you still largely seeing that as being lateral power opportunities? Or are they starting to move to more vertical solutions?

Yes. I think you heard us talk a couple of times that we're not going to talk specifically on any customer or their particular architectural solution. I think for us, what you see as again focus on is providing a portfolio of products with the best quality, the best performance, and then the customers can choose what works for them.

And going back to Michael's earlier comment, as far as basically the value proposition of the principles we operate under. What we're most interested in doing and continuing to do is winning sockets.

Yes. Our customers particularly does not want us to reveal the lateral power or vertical power.

This concludes our Q&A session. I would now like to turn the webinar back over to Bernie.

I'd like to thank you all for joining us for this conference call. As a quick reminder, we will be hosting our Investor Day on March 20, 2025. Michael and other MPS executives will showcase our vision for innovation and outline key elements of the company's long-term growth strategy. The event will be held at our San Jose offices will include live presentations, a Q&A session and demos of our latest solutions for a number of applications and a lot of -- a number of other markets. If you haven't done so already, please e-mail your RSVP to mpsinvestor.relations@monolithicpower.com. You can also access a live stream of the event on our Investor Relations website.

Separately, I look forward to talking to you again during our first quarter 2025 conference call, which will likely be held in May. Thank you, and have a nice day.