Thank you for standing by. We will start the call in a minute. Ladies and gentlemen, thank you for standing by. I would like to welcome all of you to Camtech's Results Zoom webinar. My name is Kenny Green and I'm part of the investor relations team at Camtech. All participants other than the presenters are currently muted. Following the formal presentation, I will provide some instructions for participating in the live question and answer session. I would like to remind everyone that this conference call is being recorded and the recording will be available from the link in the earnings press release and on Camtex website from tomorrow. You should have all received by now the company's press release. If not, please view it on the company's website. With me today on the call, we have Mr. Rafi Amit, CEO, Mr. Moshe Eisenberg, CFO, and Mr. Ramy Langer, COO. Before we begin, I'd like to remind you that the statements made by management on this call will contain forward-looking statements within the meaning of the Federal Securities Laws. Those statements are subject to a range of changes, risks and uncertainties that can cause actual results to vary materially. For more information regarding the risk factors that may impact Camtech's results, please review Camtech's earnings release and SEC filings and specifically the forward-looking statements and risk factors identified in the results press release issued earlier today and such other factors discussed in Camtech's most recent annual report on SEC Form 20F. Camtech does not undertake the obligation to update these forward-looking statements in light of new information or future events. Today's discussion of the financial results will be presented on a non-GAAP financial basis unless otherwise specified. As a reminder, a detailed reconciliation between GAAP and non-GAAP financial results can be found in today's earnings release. And now I'd like to hand the call over to Mr. Rafi Amit, Camtek CEO. Rafi, please go ahead.

Hello everyone and thank you for joining us today. Just three weeks ago, many of you joined us at our investors and analysts breakfast event at Semicon West, where we shared our growth strategy, technology roadmap, and new financial targets. With that in mind, I will keep my remarks brief today. I will start with a review of our third quarter results, followed by a brief recap of the key messages from that event. The third quarter marked another record quarter for ComTech with revenue reaching $161.3 million exceeding our guidance and representing 28% year-over-year growth and 21% sequential growth. Operating income also reached a record $47.5 million with operating margin expanding to 29.5% compared with 27% in second quarter. These results highlight the strong operating leverage of our business model as robust revenue growth translated into even greater growth in operating profitability. Approximately 80% of our revenue was generated from advanced packaging applications. the majority of which were driven by AI-related demands. Our new generation platform, the Eagle G5 and Oak, accounted for approximately 57% of our system's revenue and we expect their contribution to continue growing as customer adoption expands. Order momentum remains exceptionally strong. As we shared at our recent investor and analyst breakfast event less than a month ago, we had received more than $800 million in order since the beginning of the year until that day. And the strong order momentum has continued since then. Approximately 80% of this order were related to advanced packaging applications, nearly all of which are high-end applications driven by AI demand. OSATs accounted for slightly more than 50% of total orders, reflecting their increasingly important role in the advanced packaging ecosystem. Importantly, for the past several months many of our customers have been securing delivery slots through 2027, providing us with strong visibility into sustained demand and continued growth. We have seen this trend in all territories, including China, and we expect this trend in all regions to continue in 2027. For the first time in Camtech history, we have visibility extending approximately one year ahead. This gives us greater confidence in our growth outlook. Looking ahead, we expect fourth quarter revenue of approximately $180 million, bringing our full year 2026 revenue to approximately $595 million. For 2027, We expect revenue to exceed $800 million, supported by our strong order backlog and sales pipeline. Moshe will provide more details on our financial outlook in a few minutes. Let us briefly recap the key messages from our investor and analysts today. First, we operate in an exceptionally strong growth market. Advanced packaging, which is our core business, this market is growing faster than the overall semiconductor industry, while high-end advanced packaging for AI applications is growing at an even faster pace. Second, increasing complexity creates new opportunities for companies. As advanced packaging becomes more complex, it requires more inspection and metrology steps, as well as new tools with more advanced capabilities. Third, we have clear competitive advantages. Our advanced technology combined with an installed base of approximately 4,000 systems and strong long-standing relationships with all leading customers put us in excellent position to continue gaining market share. Looking ahead to 2027, we plan to introduce new AI-based software products, creating an additional revenue stream for ComTech and further strengthening our competitive advantages. Fourth, we are ready to scale. Together with our manufacturing partners who are already expanding their production capacity, we have strengthened our operational infrastructure to support significantly higher revenue levels. In the near term, like the rest of the industry, we are experiencing certain supply chain challenges involving a limited number of suppliers. We are working closely with these suppliers to address the challenges and expect to meet our customer delivery schedule. All of these support our new long-term target to double our 2026 revenue and reach $1.2 billion in annual revenue within approximately three years. Importantly, this target is based on organic growth without factoring in new potential contribution from substantial M&A. We recognize that this is an ambitious target, but we believe we have the right strategy, strong market opportunities and the capability to achieve it, assuming the continual trend of our industry. We are fully committed to this goal and are working hard to turn it into reality. And now Moshe will review the financial result. Moshe.

Thanks, Rafi. In my financial summary, I will provide the results on a non-GAAP basis. The reconciliation between the GAAP results and the non-GAAP results appear in the table at the end of the press release issued earlier today. Third quarter revenues came in at a record level of $161.3 million, a 28% increase year over year and 21% increase compared with the second quarter of 2026. The geographic revenue split for the quarter was as follows. Asia accounted for 95% and the rest of the world 5%. Gross profit for the quarter was $82.3 million. The gross margin for the quarter was 51.1%, similar to the 51.4% in the previous quarter. Gross margin came in a bit lower than our expectations. As Rafi mentioned, there is an industry-wide supply chain demand, which has not only created operational challenges, but also resulted in price pressure on parts, components, and material used in our system, affecting our COGS. We have already started to increase our ASPs, and we expect this to positively impact our gross margin already in 2027. Further improvement is expected by higher share of our more advanced offering and by offering new software products. Operating expenses in the quarter were $34.8 million compared with $32.5 million in the previous quarter. Most of the increase in operating expenses was in selling and marketing in line with the higher revenue level. Our operating profit in the quarter reached a record $47.5 million, compared with $36 million in the second quarter and $37.6 million in the third quarter of last year. Operating margin was 29.5%, up from 27% in the second quarter, reflecting the leverage we have in our model. Financial income for the quarter was $7.1 million, compared with $7 million in the previous quarter. Net income for the third quarter of 2026 was a record $50.3 million or $0.99 per diluted share. This is compared with net income of $39.4 million or $0.78 per diluted share in the previous quarter. The total diluted number of shares as of the end of the third quarter was $51.5 million. Turning to some high-level balance sheet and cash flow metrics. Cash and cash equivalents including short and long-term deposits and marketable securities as of September 30, 2026 were $877.1 million. We generated $71.1 million in cash from operations in the quarter. Accounts receivably increased to $166.2 million compared to $153.9 million in the previous quarter. TSO remained at similar levels of around 90 days. Now to the outlook. For the fourth quarter of 2026, we expect revenues of approximately $180 million, up 40% year over year. This will bring our full year 2026 revenues to approximately $595 million, representing growth of about 20% over 2025. For 2027, based on our backlog pipeline and strong order momentum, our initial revenue outlook is more than $800 million. Let me briefly remind you of our new target model. We are targeting $1.2 billion of revenues within about three years, substantially organic, with operating margin of 34% to 36%. And with that, Rafi, Ramy, and I will be open to take your questions. Kenny?

Thank you, Moshe. We'll now open the line for question and answers. If you have a question, please raise your hand on the platform. And we will take our first question from Matt Briscoe of Counter Fitzgerald. Matt, please go ahead.

Hey guys, thanks for taking the question. I guess first on gross margins, we just love to hear where we're tracking in 4Q. And then as we move into 27, can you perhaps walk us through the levers as we just think about those cost increases, the pricing increases, the new product mix, higher volumes, a lot of moving parts there. So can you help us just kind of walk through those? Thanks.

Absolutely, Matt. So first of all, indeed, we were a bit disappointed by the gross margin level, although we did implement cost reduction initiatives during the quarter, which will benefit us in the future as well. On the same time, the product mix is also working in our benefits and our favor, and this will continue to favor us in the future as well. What happened this quarter was slightly higher parts and material costs that offset some of these benefits that will remain with us in the future. Now, our plan is obviously, and this is already in motion, is to increase overall ASPs in the market. And together with the software offering it brings to the table, and we plan to improve the growth margin already in 2027. Keep in mind also that over the last few quarters the exchange rate also was not benefiting our business activities The shekel got much stronger against the US dollars, which was slightly an overhang on the COGS cost structure overall and also in the COGS level. This is definitely beyond our control and we hope that next year this will balance out. Did I answer your question, Matt?

That's perfect. And then as a follow-up, can you give us an update on where orders stand today? Any particular areas of strength across markets or systems that you would highlight? And then as we think about that 27 outlook, how much of that is supported by backlog today? And how much upside is there given supply and component issues and all those things? Thank you.

So Matt, this is Ramy. So first of all, we are talking about an initial outlook of over 800 million and definitely I think we cannot give more information at this stage. We said in our prepared notes and when we met in October that the backlog is significant and I think this is as far as we can go. From the color, to give you some color on the backlog and what we see in those 800 million, Definitely, we see a very strong and we said over 50% came from the OSATs, an area that we have a very strong position. About 80% is coming from advanced packaging. So all in all, our main segment is healthy. We maintain a Good market position. And I think all in all, all the projectories are up and we feel very comfortable with the business.

Okay, Matt, thanks a lot. Our next question will be from Brian Chin of Steeple. Brian, please go ahead.

Hi there. Good afternoon. Can you hear me okay?

Yes, we hear you very well.

Great, thank you. Thanks for the opportunity to ask a few questions. Maybe first, just to follow up on the order commentary. I guess one, to clarify, it seemed, based on that last comment from Ramy, a little bit more of a skew towards AI logic relative to HBM in terms of the booking. And also, as you book into Q4 and really in the second half, Based on sort of where lead times are for equipment, are you booking more towards maybe kind of mid-year next year, maybe even second half, 27?

So first of all, we are booking already the second half. And as we said, we have a very good visibility one year ahead of us. So this is indeed the case. And I would say as a follow up from where our discussion, definitely the business is strong across the different regions, including China.

Okay, great. I've got a question about software. I know that was one of the interesting topics from the Analyst Day a few weeks ago. I believe you mentioned this revenue stream could increase from sort of tens of millions per year to well over 100 million in that kind of three-year target model. A few questions there. When you think about your 35% initial revenue growth outlook for 2017, Do you attribute maybe a few percentage points of that growth to software in terms of some of these new products? And then just kind of thinking forward, is the idea here that you envision some of this AI-related and defect classification software to be effectively bundled with future shipments of Hawk or Gen 5 Eagles?

So let me first of all correct you. When we talked about the figure, it included software and service. Service is growing very fast, a rate of about 35% a year, and has been growing in this respect at this rate for the past few years. and we see it continuing to grow as a result of the much larger installed base and our customers requiring more and more support as the machines are becoming more and more complex. And this is one leg of the growth. The second growth will come from software. And I think we have said in the past in the acquisition of visual layer which brought us a lot of capabilities on AI that in parallel It is a platform to develop products that we expect to start to sell in 27 and I hope that even we'll see initial revenues in the first quarter of 27. So definitely combination of the software and the service is going to start to be significant already in 27 and we expect to reach the numbers as we said in the three-year time.

Great, thank you.

Thanks, Brian. Our next question will be from Charles Shi of Needham. Charles, please go ahead.

Hey, thanks for taking my question. I want to follow up on the supply chain challenges. Obviously, I have seen some of that impact in the reported quarter gross margin, but can you provide a little bit of background on what specific components are are in shortage and is it something more specific to let's say your tools optics light sources or maybe it's just some simple things like you know PCBs or even memory components etc so want to get some thoughts on what exactly is in short right now and for us to get some sense on For how long do you think the shortage situation will last and when the supply can catch up and no longer being an issue going forward? Thanks.

So thank you Charles. So let me try and elaborate a little bit more. So first of all, these are not specific parts that are made for company. These are general wide industry components. I think you mentioned memories and CPUs. That's definitely today in shortage and the prices are higher. This is not something new to anyone. And there are other general purpose components that are in shortage, mainly on the We are working one with our vendors in most cases we have dual sources so this is really a question how to balance between the different sources make the first source less and bring in the second source these are These are things that are in motion. I expect these topics to be resolved, I would say, within three to six months. I think it will balance off. But this is really my feeling. We're not sure about it. But I think we said in the prepared notes that we will not miss any delivery of schedules. We are doing every effort and working very closely with the vendors to keep our planning in place.

Got it, thanks. Maybe a second question, maybe more on the advanced packaging, especially AI-related advanced packaging outlook between 2.5D and HBM. We know there are some unique situation on the 2.5D side, maybe just a 27 issue, maybe going to 28, not really an issue. But on the HBM side, what are you seeing today? Because since the Semicon West event, a few of the packaging, especially the boundary companies reported, At least there's one thermal compression bonding company saying they are seeing some TCB delays for HBM packaging build out. Wondering what you're seeing there. Maybe you're seeing some offsetting factor. Maybe that's not that good to read through to Chemtech. But I wonder if you can address those issues that has been discussed for a couple of weeks. among the investment community.

Thank you. I'm trying to think about your question, but we do not see any change to our plans or predictions. I think we're on track with all the customers in the HBM area, so I cannot bring you any more information or anything new based on your question.

Thank you, Ramy.

Thanks Charles. Our next question will come from Michael Mani from Bank of America. Michael, please go ahead.

Hi, thanks so much for taking my question. To start, nice to see that Hawk and Eagle G5 are more than 55% of sales at this point of the year. If you were to kind of reflect back on the last couple of quarters, were there any areas where maybe your share gain or traction in those new categories progressed faster or better than expected? And what does that tell you about your confidence level and where you can potentially gain share? Next year in 2027 to deliver upside to that $800 million full view that you gave a couple weeks ago.

So first of all, indeed, you know, the position in the market continues to be strong. Talking about share in 2027, gaining share, it's a little bit too early. As I said previously, it's really an initial outlook when we talk about 2027. And I think it's too early to talk about gains. I think that we are performing very well with our customers as we see. I think we will definitely maintain position. I also hope that we will gain share, but it's too early to say in which areas.

Got it. Thank you. And for my follow-up, I just wanted to ask about the OSAP market. I know this has come up repeatedly, but in the last few months, we've heard your peers become more vocal about being able to enter the space. Obviously, Camp Tech has had a very established position there for a long time and has seemed to defend that for the most part pretty well. But when you were to look at each of the different players that are sort of like participating now, whether it is the local Chinese suppliers who are looking to displace Western incumbents to TakeShare, whether it's the smaller process control peers in your ecosystem, whether it's KLA. What do you think is the Camtek value prop against each of those different competitors? Why do you think your moat is intact from each of those players? And when you think about why more competition is coming to the space, do you think it's more of a fact that your customers are looking for multi-sourcing away from Camtech? Or is it more just to cure a very sort of temporary, shorted situation in that market because there simply isn't enough capacity out there to address all the demand? Thank you.

All right, so let me first of all address the competitive situation of many Chinese players. We do not see any competitive threat from those small competitors in China. We maintain a very strong position and we expect, if we talk about share gain, we definitely think that China is a place that we can continue to maintain. So this, I would say, is a lower end competition. and I think when you talk about from the other side that you see the bigger players that are trying to enter the market and I think this is something that we have seen I think the market is becoming lucrative and growing so definitely people are thinking of maybe we can get some share this is natural we never expected it will be different but I think when I look at our products the competitiveness our responsiveness as a company The products were designed for customization for the dynamic advanced packaging market that is very, very important. We hold a dominant position at the offset market and I think will be very difficult for the larger players to enter. and I think what is very important is that we have a proven portfolio with dedicated solutions for the advanced packaging. This includes our metrology where we hold a phenomenal market share, includes things like flexible handling, fluorescence inspection and we can continue and talk about it. And when you think about it, the larger players do not necessarily have all of these capabilities and it takes a lot of time to develop it while we are developing new and other capabilities that are required. And all in all, you know, when you talk about the larger players, I think we discussed it in previous meeting, they are bigger than us, but in the specific market that we play, we are significantly larger.

I just want to add one point, Michael, regarding the Chinese market and the potential domestic competition. I would say that in the last few months, we enjoyed a nice order momentum across the board and specifically in China. When I look today in our backlog for 2017, China will represent a meaningful piece of our business, at least as high as this year. So I think that the competition in China does not play a major role in our business at the moment.

Great. Thank you so much.

Thanks, Michael. Our next question will be from Jim Schneider of Goldman Sachs. Jim, please go ahead.

Good afternoon. Thanks for taking my question. I was wondering if you could maybe, as we think about 2027, help us with how you see the linearity of 2027 playing out. Obviously, you have much better visibility into the first half than the second, as you mentioned. But should we think about sort of like sequential step up in revenue in the first couple quarters of the first half and then flattening out into the back half? Or maybe any help on that would be helpful. Thank you.

So, you know, trying to look, and as I said, it's really initial outlook. I think the business will be stable. We're starting to fill the shipments, the capacity as we speak. And as I said, we're already booking a lot of orders for the second half of 27. So at least when I look at it, I think it will be stable. But it's initially, I would say, balanced capacity growth over the fourth quarter. But definitely, we are in a very good situation, which we're actually feeling already slots in the second half.

Thank you. And then can you maybe talk about the gross margin Profile. I mean, obviously, you have mix in your favor. At the same time, you talked about the input cost headwinds. So can gross margins start to improve further as we get into the back half, or is it too early to call on that?

Yeah, so the expectation is that gross margin will gradually improve starting from the first quarter of 27. And again, as I said before, it's a combination of the cost reduction initiatives that are already in place. The favorable product mix that we have, as you saw, already 55%, over 55% of our revenues are related to the high-end products, which carry higher gross margin. And I believe that this short-term supply chain constraints will be balanced out of So starting from Q1, we will see a gradual improvement together, by the way, with the contribution of the software and the service business that is starting to pick up. And Ramy mentioned that we are already looking to see some initial software business in the first quarter. So gross margin, you know, bottom line is expected to gradually improve starting from Q1 of 27.

Thank you. Thanks, Jim. Our next question is from Ed Yang of Oppenheimer. Ed, please go ahead.

Hi, guys. Thanks for taking my question. The first one is, can you size the ASP increase you're contemplating and maybe talk about the initial customer receptivity to that? And was that always embedded in your $800 million revenue view, or is that incremental?

I don't think we can say now whether it will be incremental or included. It's really too early. But let me talk about raising prices. So there are two aspects here. First of all, we understand and I think our customers understand that due to the increase in prices of components, there will be some increase in the ASPs. So I think this is understood and we're starting to implement it. and this will I think will gain momentum in the next four. Second aspect is implementing new capabilities into our machines. And definitely this is the area where we can explain to our customers and our customers are receptive to pay more for more capabilities on our machines. So we are working on both fronts. Raising some due to the increase in prices, our own prices, but I think on a greater scale, getting the new capabilities, the new developments that we're implementing in our machines are reason for additional price increase. And these are the two things that we are going to do during the 2027. And actually we've already started it this year and it will gain momentum in 2027. and whether this will be in the 800 initial outlook or not, it's too early to say. I do hope that there is some upside to these numbers as we go more into next year, but this is something that still has to be seen.

Okay, thank you, Ramy. And for my follow-up, you know, we're starting to see some demand headwinds and consumer and non-AI, No, we do not see any softening. Yes, there is some piece when we talk about

Thank you. Thanks, Ed. Our next question will be from Craig Ellis of B Reilly. Craig, please go ahead.

Yeah, thanks for taking that question and good afternoon team. I wanted to ask a few to better understand what we're seeing in our calendar year I know at our analyst breakfast at Semicon West, we talked a lot about hybrid bonding. The question is hybrid bonding material in that 800 million outlook for 27, or is it really an opportunity that the company sees filling in three years down the road when we're looking for 1.2 billion?

So the hybrid bonding, there is a lot of development today being done. So yes, we are seeing some business, but really on a low magnitude at this stage. I believe that this is business that will start to materialize more in the 28 and onwards. I think in 27, I don't expect to see any substantial business coming from hybrid bonding. and as we said in the previous meeting, definitely we have a roadmap to address this market and we believe that this is an opportunity for us.

Got it. And sticking with what's potentially N27 and where there's additional opportunity beyond the orders that you have in hand now, if we were to categorize Potential incremental business as either A, custom ASICs or XPUs, B, work from semiconductor companies with specific GPU and... and similar programs or three, HBM. Where do you think there's the most opportunity from what you have in hand today to add to orders for next year?

I think the main opportunity for us is to gain market share in 2D for additional steps. So this is not really specific that I can tell you whether it's a GPU or HBM or It's very hard for me, from the top of my head, to try and assess it. But definitely, I think, and we discussed it, we have a strong portfolio for 2D inspection, but still I think there is a lot more business that we can gain there, and we are putting a lot of focus in this area, and I believe if there is upside potential, it will probably come from this area.

And when do you think you might be able to convert that pipeline activity to orders? Is that something that you see progressing through the fourth quarter or these longer term engagements that might convert one half or mid year next year?

So first of all, I think we said in the prepared notes and Moshe also mentioned that the order momentum continues. So at this stage, what we're seeing from our customers are ordering and really securing deliveries next year. And I think this is, if I would try to put some color on the kind of business that we are, it's really getting and securing slots in 2027. And I think this we will see until the end of this year. And I think new upsides, if there will be, I think this we will see in the first and second half of 2027.

Very helpful. Thanks, Tim.

Thanks, Craig. Our next question will be from Shane Brett of Morgan Stanley. Shane, please go ahead.

Great, thank you for letting me ask a question. My first question is on services, and I want to ask Brian's early question on software in a different way. If I think about the bridge from your service revenue this year of about $40 million to your $140 million target in three years, just how much new software revenue are we adding into the model? And apologies if you've mentioned this previously, but how much software revenue did we have this year? Thank you.

Let me start, Ramy. So our service business, as you indicated, is around $40 million this year. It's growing at a rate of 35% to 40% annually. So within three years, we will be able to reach around $100 million of service revenues from the existing business together with obviously with the install base that will get bigger. Additional $40 million was assumed with new software offering. At this point, we have pretty much zero software offerings. This will start in next year in 2027. Thank you very much.

Double-digit revenues in 2027 and this business has the potential to grow. We have the platform, the capabilities, we already have some products in the pipeline that we started to introduce to customers and I expect to gain momentum in this area starting the first quarter of 2027.

Got it. That's really encouraging to hear. For my follow-up, so your comments on your 3D bump metrology inspection, 3D bump metrology portfolio for HBM from your investor breakfast was very convincing. But just could you help us quantify how much of your HPC revenue will be coming from HBM this year? And is that mix within HPC, sorry, HBM mix within HPC going to go higher or lower for you next year? Thank you.

I'm feeling what the last numbers that we mentioned. I think at the time when we mentioned, and it was two quarters ago, that we said we received $600 million and others since the beginning of the year. And we said that the HBM was over 20%. So it's going to be significant. And we didn't continue to add it because, you know, the older flow on what we call the high-performance computing, COAS and COAS-related applications, they don't come together. It's different streams of orders. I expect that the HBM business, both for inspection and through the metrology, will be significant in 2027. I cannot comment at this stage on exactly the magnitude.

Got it. Thank you very much.

Thanks, Shane. Our next question will be from Vetvati Shrotra of Evercore. Vetvati, please go ahead.

Hi, thanks for taking my question. So the first one I had was, as we go into 2027, you're seeing the order momentum, but at the same time, you're seeing some of the components, supply chain constraints creeping. Can you talk about the lead times and how the lead times for your tools have changed? Have they started to stretch now versus last quarter?

I think these are two separate issues. First of all, the components issue, it's more, I would say, of a tactical issue that some of our vendors don't have enough capacity and we need to use second sources and to overcome, and this is a short term, I expect that this will be for one or two quarters, maybe it will be longer, but I'm expecting us to resolve this situation specifically I think Rafi said it in his prepared notes. And I think in general, because of the level of orders in thing, definitely our Our lead times are increasing and typically there are three to six months but in some cases customers are willing to give us today orders a year ahead and this is not that they necessarily need the machines today they just want to secure capacity on our floor for the time that there are clean rooms or whatever they need they want to have to secure this capacity and that's the reason that they are already placing orders today.

Understand. And then for my second question, so you mentioned Eagle and Hawk is more, the Eagle G5 and Hawk is more than 55% of revenues this year. What happens next year? Does that become a majority? Is that 80% and up? Is that a good estimate on the contribution from these tools next year?

So definitely this will be more than 55% next year. Whether it will reach 80%, it's a question that's very hard to answer. And the reason for that is that certain customers do not want to change the machine in production if they have a very quick ramp and they don't want to qualify a new machine. So this is really something that is also related to customers. I do expect An increase in the percentage of these products, but I don't know if they will get to the percent. Eventually they will, but I'm not sure that it will happen in 2017.

I understand. Thank you.

Thanks, Vati. That brings us to the end of our question and answer session. I just would like to remind everybody that a recording of this call will be available from Canton. I want to express my gratitude to all of you for your ongoing interest in our business.

I look forward to our next conversation in the upcoming quarter. Thank you and goodbye. That ends our call. You may disconnect.

Thank you very much.