Advanced Energy Industries, Inc.

And that's the combination of the last bit of materials rolling out, factory improvements and efficiency coming in, you know, volume recovery just back to where we've been running, not actually anywhere near previous peak levels or high levels. And so as revenues just get back to where we were, we think that's a meaningful improvement in gross margins. Now, as you look into next year, because of the things that we'll be doing, we've done already with the factory closures, we'll be doing with the other factory efficiencies this year, we think that we can get gross margins to around 40% on revenues in the mid $400 million range. And that's better than what we've been modeling up to now, where we thought we'd need to get to the mid to high $400 million range. We think there is a lot of upside in the company for gross margins. Obviously, the biggest factor impacting us now is just the revenue levels. In fact, things we've done we think are actually protecting gross margins at 35%, which is only down 70 basis points on the drop in volume we've seen. So, we think this sort of forms the foundation for, you know, a gross margin acceleration as revenues recover from this point.

Thank you, Paul. Thanks to you.

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