Camtek Ltd.

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 result 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 Camtech's 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, Camtex CEO. Rafi, please go ahead.

Hello everyone. I am delighted with our second quarter result and even more excited about the exceptional momentum we are seeing across our business. More importantly, the expectation we share with you on our previous call regarding the second half of 2026 and our leadership position in the advanced packaging market are now becoming a reality. as you will hear through today call. But first thing first, let's begin with our second quarter financial results. Second quarter revenue reached a record of $133 million, exceeding our guidance. Gross margin was 51.4% and operating income totaled $36 million. Approximately 75% of our revenue was generated from the advanced packaging segment, with the majority supporting AI-related applications. The remaining revenue was generated across a diverse range of 2D inspection applications, including photonic and various 2D inspection applications. Now, let me return to the point I made at the beginning of the call. Earlier this year, we communicated that we expected the second half of 2026 to be significantly stronger than the first half. That expectation has materialized. Since the beginning of the year, we have experienced a significant acceleration in order intake, bringing total orders received year to date to more than $600 million, with deliveries scheduled through the remainder of 2026 and into 2027. This exceptional level of order intake has significantly improved our business visibility for the remainder of 2026 and well into 2027, giving us increased confidence in our outlook. Our leading position in the advanced packaging market is expected to drive approximately 45% growth in our advanced packaging business in the second half of 2026 compared with the first half. Looking at the year from another perspective, we expect our advanced packaging revenue in the fourth quarter to be approximately 70% higher than the first quarter, reflecting the strong acceleration in demand. In the second quarter, approximately 50% of our system's revenue was generated by the new generation platform, the Eagle G5 and the Oak. We expect the contribution from these products to continue increasing over the coming quarters as customer adoption accelerated. Let me provide some additional color on the more than $600 million orders we have received since the beginning of the year. Approximately 80% of these orders are advanced packaging applications. The industry transitioned to HBM4 together with continued capacity expansion as resulted in significant order from multiple leading HBM manufacturers. In parallel, the ongoing expansion of 2.5D and 3D IC packaging capacity is creating a substantial growth opportunity for ComTech as reflected by the large multi-system orders we have already received from leading foundries, IDMs, and OSATs. Notably, OSATs accounted for more than 50% of our total order intake. Another existing market emerging as a meaningful growth opportunity for Camtech is photonics, including silicon photonics and compound semiconductor. We have already received multi-system orders from several customers in this market and we expect for Tonics to become an incredibly important contributor to our growth in the coming years. This brings me to our outlook. We expect third quarter revenue to be in the range of $158 million to $160 million, representing an exceptional 20% sequential increase over the second quarter. Given our strong order momentum and record backlog, we expect to deliver more than 30% growth in H2 2026 versus H1 2026, followed by continued growth into 2027. It is also important to highlight that we are continuing to expand our core product portfolio with new platform configuration, and application specific module that will enable us to address additional applications and markets where we have not previously competed. Example, including a high resolution backside inspection module and fluorescence illumination technology for detecting organic residue. In the metrology space, we are also launching a new platform, NanoProf, which will significantly expand our metrology capabilities and enable us to address with existing and emerging process step. The Hawk, combined with its enhanced optical capabilities, and our breakthrough AI technology is further strengthening our competitive position and enabling us to penetrate additional process steps including hybrid bonding as well as other fast-growing emerging applications. We look forward to discuss these I am also pleased to report that we are successfully managing the operational challenges created by this unprecedented level of demand. We prepare well in advance by expanding our production capacity and strengthening our supply chain, enabling us to meet customer delivery schedule while supporting our continued growth. At the same time, we are preparing the organization for the next stage of growth by further expanding our manufacturing capacity, system integration capabilities, sales organization, and customer support infrastructure to support substantially higher annual revenue level. Let me conclude by summarizing our key messages. The AI revolution is driving unprecedented demand for data center, Compute capacity and power infrastructure. With AI adoption still in its early stage, we believe demand for AI compute infrastructure will continue to grow significantly, supporting sustained investment in AI data center and advanced semiconductor manufacturing. Camtek is exceptionally well positioned to benefit from the expected growth over the coming years. We have hundreds of systems installed at the world's leading customer and we work closely with them to develop inspection and metrology solutions tailored to their evolving technology requirements. Our product development roadmap is closely aligned with the technology roadmaps of these industry leaders. This strong customer engagement combined with our expanding products portfolio and proven execution giving us great confidence in our ability to deliver sustained growth in the year ahead. And now, Moshe will review the financial result. Moshe?

Thanks, Rafi. In my financial summary ahead, 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. Second quarter revenues came in at a record level of $133.2 million. and 8% increase year on year and 10% compared with the first quarter of 2026. The geographic revenue split for the quarter was as follows. Asia accounted for 92% and the rest of the world, 8%. Gross profit for the quarter was $68.5 million. The gross margin for the quarter was 51.4%, similar to the previous quarter. Operating expenses in the quarter were $32.5 million compared to $30.9 million in the previous quarter. The main area which has increased is R&D. This is around the investment in new technologies and additional resources from the visual layer acquisition in order to strengthen our AI offering. Operating profit in the quarter was $36 million compared to $31.1 million in the first quarter. Operating margin was 27% compared to 25.5%. In line with our forecast for a strong second half, the leverage we have in the model together with the improved product mix towards the Eagle Gen 5 and the Hawk is expected to result in a gradual improvement across all profitability metrics in the next few quarters. Financial income for the quarter was $7 million compared to $8.1 million in the previous quarter. The main reason was devaluation of certain balance sheet items due to the weakness of the US dollars versus the Israeli shekel. Net income for the second quarter of 2026 was $39.4 million or $0.78 per diluted share. This is compared to a net income of $35.5 million or $0.70 per share in the previous quarter. Total diluted number of shares as of the end of the second quarter was $51.5 million. 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 June 30, 2026, were $815.8 million. We generated $12.2 million in cash from operations in the quarter. As a result of the increased business volume, accounts receivables increased to 153.9 and many others. We expect to see an increase of $158 million compared to $131.7 million in the previous quarter. DSO increased to 105 days. No change to the inventory level this quarter. However, we do expect it to grow in the coming quarters to support the forecasted strong growth in revenues. As Rafi said before, we expect revenues of $158 to $160 million in the third quarter with sequential Double-digit growth in Q4 and further growth into 2027. This represents over 30% second half 2026 growth versus the first half. Before we open the call for questions, I would like to announce that Camtech will be hosting an investors and analysts breakfast presentation at Semicon West. It will take place on Wednesday, October 14th, 2026 at 7 a.m. Context Management will present our Market Outlook Strategy and Technology Roadmap. A formal invitation with additional details will follow. And we look forward to seeing you, many of you there. And with that, Rafi, Ramy and I will be open to take your questions. Kenny?

At this time, we'll begin the analyst question and answer session. If you have a question, please raise your hand by the Zoom platform. I will introduce you and ask you to unmute, after which you may ask your question. Our first question will be from Brian Shin of Stifel. Brian, please go ahead.

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

Yeah, we can.

Great. Congratulations on the good results and outlook, and thanks for letting us ask a few questions. Maybe first, just to clarify some statements you made, like you said that, and also in the release, that you'll see 70%, you expect 70% growth in AP advanced packaging over Q4 this year, over Q1 this year. And so if I kind of run that math, do you expect AP or advanced packaging could be, again, kind of 75% of total revenue? In Q4, similar to how it was in Q2. And then can I use that to sort of imply what your 4Q revenue will be?

So let me try and clarify the question. So first of all, yes, we do see gradual increase of our advanced packaging business compared to other businesses that we have. So we expect that at the end of this year, we will probably 80% of our revenues will go towards advanced packaging. And yes, you are correct. The revenues, the advanced packaging revenues in the first quarter compared to the fourth quarter, we expect growth of 70%.

Okay, that's helpful. I think I can place the math based on that. And then just kind of more broadly, Thank you for joining us. Are you tapping into some of that manufacturing capacity that you've spoken about in Europe? And also, kind of lastly, do you think any customers, even though all the bookings from here on out sound like they might be more 27 versus 26, do you think any customers will want delivery sooner than 27? And do you think you could fulfill any of that upside?

Yeah. So first of all, let's talk about our capacity. So we've done a lot of work and Rafi discussed it in the opening statements and we are well ready to run the business. We have all the subcontractors and supply chain in place and we are very confident about our ability to Ship the machines on time and we don't see any issues or obstacles when we discuss capacity. Regarding the order inflows, then it's really customer dependent. We're still seeing some orders from 26. Yes, but there are very few. Most of the orders that we are getting today and will be getting in the second half of the year will be for 27.

I think, Brian, maybe one point from my end, it's important to mention that with respect to 2027, we are building a nice backlog already, and obviously the visibility has significantly improved in the last few months.

Right. Maybe just one last kind of piggyback off and I'll hop off. But you alluded again, reiterated that Hawk and probably Eagle Gen 5 both will be significantly higher in the mix, at least 50% of revenue now into the second half. In terms of that 30% plus second half sequential, how would you break that down in terms of ASP? Because Hawk obviously has a much higher ASP versus volume.

You know, it's very hard. We didn't do the math before the meeting, so it's hard to give you an accurate answer, but definitely there is going to be an improvement in ASPs as we go along.

Okay, thank you.

Thank you.

Thanks, Brian. Our next question will be from Matt Prisco of Kamsa. Matt, you can go ahead and ask your question.

Thanks for taking the questions. I guess to start looking into 2027, you're talking about this increasing visibility, obviously very strong orders. So how do we think about that visibility today? Where can you actually see into and how do you think about growth into 2027? I think you're going to exit the year at a quarterly plus 35-40% year-over-year growth. So is something like that sustainable into and through next year?

Well, first of all, I think it's a very good sign. that at this stage of the year, really in the beginning of the second quarter, we already have visibility into 2027. All in all, we're talking to customers. Our customers are planning increased capacity in 2027. They're very optimistic about 2027. It's too early in the game to say today what will be the forecast, what do we expect in 2027. But definitely we're into a good start. The fact that we see increased growth into 2027, that's definitely a good sign at the time that we're talking about it.

That's helpful. And then maybe an updated thoughts on China dynamics and how to think about revenue trajectory there, you know, growth potential through this year, maybe set up into next year and thoughts on the competitive environment. Thank you.

Look, our China business has been, I would say, stable over the last few couple of years. And in general, China is continuing to invest in semiconductors. We expect the business there to continue to be strong. Definitely, it's good opportunities there. And I think this is more or less what I can comment at this stage.

Appreciate it, thanks guys.

Thanks Matt. Our next question is from Jim Schneider of Goldman Sachs. Jim, please go ahead.

Good morning. Thanks for taking my question. Sorry for that. I was wondering if you could maybe comment on the DRAM and HBM exposure you see specifically heading into the back half of this year and into 2027. As you mentioned, there's many of your customers who are expanding capacity. Can you maybe talk about the profile of that relative to the rest of your advanced packaging business? and specifically comment on your exposure to some of the China-based players in the market, such as CXMT.

Thank you. So, all in all, you know, we spoke about $600 million in order. So let me try to draw some color there and then we can talk about the HBM business. So we said 80% for advanced packaging. I think this indicates the strength of our business in the advanced packaging space. And with that, OSAT is a very strong business. Over 50% of the business goes to OSAT. A lot of them are doing advanced packaging. As we talk about the HBM, we spoke about the strength of our business already in the previous call when we discussed the $260 million of POs and forecasts that we had. Out of the 600 million, over 20% is from HBM players, and we do have additional strong forecasts into 2027 In this segment. Now, of course, we cannot talk about major customers. This is something that we're not allowed to speak.

Thank you. That's helpful. And then could you maybe talk a little bit about the OPEX trend you expect over the coming quarters? You clearly had the visual layer acquisition impacting things. So maybe talk about, you know, given, you know, if you see, for example, strong sales growth into 2027 at X percent, you know, what fraction of that sales growth would fall through to the bottom line or what fracture, what increase in OPEX you would expect? Thank you.

Okay. Hi, Jim. This is Moshe. We definitely plan to see some We definitely plan to improve both the gross margin but even more the operating margin levels. Now, maybe just to give you some color, most of the growth that you're going to see in the OPEX will be on the R&D level with the acquisition of Visual Air. This adds a few hundreds of thousands of dollars to the R&D, and we plan to continue to invest in R&D, that's for sure.

Thank you very much.

Thanks, Jim. Our next question will be from Vitvati Shrutra from Evercore. Vitvati, please go ahead.

Yeah, thanks for taking my question. The first one I have is on the silicon photonics business and opportunity. Could you talk about how big of a revenue opportunity this could be and what kind of applications are you getting involved in with silicon photonics? Thank you.

Hi, Vidvati. So if you look at the $600 million orders that we talked about, 5% is photonics. So it's a nice number to start. And you know, this is really a market that's just taking off now. So definitely, there is a potential there. and I think we will get more orders to this specific market as we go on this year. So I think 27 will be more than the 5% I just mentioned. When we talk about the applications, so basically there are two, and Rafi spoke about it, there are basically two, I would say, main segments when you talk about photonics. Obviously the silicon photonics, and this is, I would say, it's an area that we already sold quite a few machines into and we are selling, and this is part of the 5% we discussed. And then there is the compound semi. When we talked actually about the diodes, there are all kinds of diodes that are being used for the transceivers and receivers. That's a different segment, different, I would say, the characterization of these applications are different. But that's, I would say, the main two segments that we're seeing today in this specific market.

Understood. Thank you. And for my second question, of the 600 million orders, could you provide any color on how this splits 27 versus 26? What I'm really trying to ask is, do you see revenues accelerate in second half, sorry, the first half 27 versus second half 26?

What we can see today, and you know, it is really early in the game, we definitely see growth into, business continuing to grow into 2027, but really, this is really initial, we will need more time as a As we continue, dear, it's definitely a strong start for 27. And as I said, for one of my previous questions is we are talking to customers. They are all talking about increasing capacity in 2027. So, you know, the signal is very positive from the market. We still need time to change. to really digest this information and really build it into a full picture. This will take at least one more quarter to two quarters until we'll have the full picture of 27. So, thank you very much.

Thank you. Thanks, Vipati. Our next question is from Denis Piatchinin from Needham. Denis, please go ahead.

Great, thank you for the opportunity. Maybe we can start on your non-advanced packaging business. Could you give us an update on what you're seeing into the end of 2026 and maybe into early 2027? On what? On the non-AP. Yes, non-AP.

So the non-IP, I think, first of all, I think the photonics is a good signal of a new market that we're seeing. I would say the business is stable. I would say even I can say with certain, I would say small growth. But definitely there are opportunities there. And we'll need to, we'll see as things go by. We have some orders for CMOS image sensors that are significant. There are some signs there of some recovery, I would say, in the stable business, the consumer business that is not really very strong today. You're seeing there, I would say it is stable, but there are good signs for 27 that we'll see some growth on specific areas.

Thank you. Then for my follow up, maybe we can talk about the profitability metrics you discussed. So I think you said that they would be improving in the next few quarters. Could you provide some more details on how these will be achieved and perhaps quantify them if possible?

So, with respect to the gross margin, we are exiting Q2 with 51.4%. We certainly hope that we will get anywhere between 52-53% exiting the year. And with respect to the operating margin, we are looking into an operating margin of between 30-32% at the end of this year.

Great. That's very helpful. Thank you.

Thanks, Dennis. Our next question will be from Michael Manny of Bank of America. Michael, please go ahead.

Michael? Yeah.

Hello, Kenny Green.

Yeah, we can hear you.

Your growth in the OSAT opportunity this year and even potentially the next year relative to those very strong CapEx trends we're seeing. Second, related to OSATs, it seems like a lot of your competitors have been more vocal about some of the progress that they're making there this year, especially as that market moves to more sophisticated architectures and capabilities. Could you talk about the competitive landscape and how you see that evolving as competition intensifies? Thank you.

Hi, Michael. So first of all, obviously, we are hearing what our competitors are saying. We are aware of where they are and the applications that they are doing. Let me start from the basics. We have a dominant position in the OSAT market, something that we've had for quite a few years, very good relationship. And This relates when we talk about OSAT. This is the growth of the 2.5 IC and 3D IC manufacturing and all the other applications that we have been discussing. Definitely, this provides us with a very good opportunity for further growth. 50% of our business goes to the OSAT business. This is also reflected in the Thank you very much. for additional orders for 2027. So definitely our position is strong. We're very competitive there and I don't think we are going and we feel very comfortable about the business and our market position there.

For my follow-up, I wanted to ask on the progress you're seeing in some of your newer systems. So it seems like relative to maybe a couple of quarters ago, a higher mix of the businesses going towards Hawk and some of these other newer systems this year. It seems like they're doing better than expected. So could you break down where that incremental traction is coming from? from an applications perspective or customers or end markets versus the beginning of the year. Where are you seeing more progress with these new tools than you expected? Thank you.

Okay. So first of all, yes, we have spent a lot of R&D in our new products, the Hawk and the Eagle G5, and definitely their performance is superior and we are very, very confident that we can continue and take market share and go to new process steps with this equipment. And when we look at the target application, let me start with the Hawk. The Hawk definitely is for high volume applications. And I think the HBM is a very good example where we are selling more and more Hawks. It is really targeted there. It can go to the high end applications, It will go to the applications that will be required in one or two years. So definitely this is the right machine at the right place. When we talk about the Eagle G5, I think there it's not only better profitability, but the performance of the machine from the resolution and optical point of view, the throughput, or I would say the cost of ownership is better. and definitely we're seeing a lot of our customers that have been buying Eagles and want to stay with the Eagle, switching over to the Gen 5 that provide them better cost of ownership but also being able to address applications down the road. So we are very confident with both of these products.

Great, thank you.

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

Great. Thank you for letting me ask a question. So if I assume HPC was 55% of your revenue in Q2, I think your guidance implies advanced packaging revenue grows 30% this year and HPC closer to 40%. Just within HPC, is there one end market that has been growing higher than the 40%? And do you have any early expectations on HBM versus other end markets next year? Thank you.

So actually, let me try and understand. I didn't fully what you want to understand, but let me try and give you some insights on what you discussed. So first of all, from the business, yes, 50% of our business over 50, 55 plus goes to the, I would say the HPC or AI related products. And another 20, like 20% goes to the, what we call conventional advanced packaging. The advanced packaging will grow by 70% this year and will actually reach also the growth will go, the HPC area will probably grow faster and will reach probably closer to 60% by the end of the year. Did I answer your question?

Yes, so I guess just to clarify that, so for the full year, Total advanced packaging revenue should grow kind of give or take 30% of which HPC should be growing 40% for calendar 26.

So are you now referring 25 to 26?

Correct, correct.

Okay. So we are talking, you know, anywhere between 35 to 45% between the advanced packaging and within the advanced packaging, the AI related business. That's correct.

Got it.

Bear in mind that last year was a record year for ComTech, so we are starting off from a high bar.

Got it. And my question was kind of just within that HPC portion, is it HBM or sort of 2.5D logic that's driving the growth?

Yes, of course. There are two aspects for it. One side is the HBM. On the other side, what we call CoAS and CoAS-like applications. These are the two main segments for what we call AI-related products or HPC.

Got it. And is there any color as to which one is growing faster this year?

No, I think both. Eventually, it's the same thing. I think they're growing at similar pace. It really depends also which customer is adding capacity and which is not. So it is really hard to judge. Both are expanding very fast.

Got it. Understood. And just for my follow up, there's been a few questions on China, but China was 49% of revenue for you last year. Could you help us ballpark where it could be this year? Thank you.

I would say that we expect the to be anywhere between 45, you know, 45-ish kind of this year, given the fact that we see nice growth also from other areas. And I just want to go back to the question about the advanced packaging, just to mention that, again, the reason that we are looking into the comparison between Q4 and Q1 is to emphasize the point that Rafi mentioned earlier this call, Thank you. Thank you. Thanks, Shane.

Our next question will be from Ed Yang of Oppenheimer. Edward, please go ahead.

All right. Well, thank you for your time. The 45% half-on-half growth in advanced packaging, can you just qualitatively characterize whether that's market growth, share gain, or just higher process control intensity?

Hi, Edward. So I think it's... The bottom line, I think it's both. I think we're gaining share at certain areas and definitely there is a lot of capacity being added to the market. And when you look at the growth, it's coming from all the different applications. There is a lot of growth that has been discussed on the HBM side and on the COAS and COAS-like applications. And definitely, We see also the fan out and fan in. There is a lot of capacity out there that is being added. So the market overall for the advanced packaging is very strong and continues to be strong.

Thanks for that color, Ramy. And also, just going back to this question on the outlook for 2027. and understand that you're still fine tuning your forecast, but you know, rough cuts. Do you think Camp Tech's growth should track overall WFE or do you think that your advanced packaging and share gain should allow you to outgrow WFE?

So, you know, if you look historically, we're always better than the WFE. What is happening this year, and we've seen it before already, At the beginning of the cycle or the end of the cycle, our business lags. And as a result, it is very, very difficult to say this year how the WFE versus what we will do. But if you look at, I would say, a little bit longer time, we'll take, let's say, from the second quarter of this year to the second quarter of next year, I believe that we will be doing similar or better than the WFE.

That's great to hear. Thank you so much.

Thanks, Ed. Our next question will be from Gus Rashad of Northland. Gus, please go ahead. Gus, you can go ahead and ask your question.

Can you hear me?

We can't hear you clearly.

All right. Now we can hear you.

Now you can go ahead and ask.

Yeah, sorry. Just real quick, your book to Bill in the first half is quite strong. And I'm just wondering if you could give a little bit of color on the shape of that booking. So did that happen in Q2 mostly? And is that momentum carrying into Q3?

I think this order flow started in the first quarter and it's been steady ever since. You know, it sometimes shifts by a You know, by a couple of weeks, but all in all, it has been growing steadily.

Got it. And then just on the product side, you talked about the NanoProf. Could you talk about what that product is for and just some description of what metrology steps it might cover?

So the NanoProf is a very important product because this is a product where we believe through this product will be able to significantly increase our footprint in the metrology area. If you recall, three years ago, we bought a company in Germany called FRT. We have been working with this company, developing new application, and one of the key highlights was to take their old product and come out with a brand new product that is based also on technologies developed in ComTech, much more stable, much faster, with new capabilities it didn't have before. We finally completed this product. We started to install it in the first quarter of this year at selected customers. And we believe that based on this new platform, we will be able to significantly increase the revenues, win new application and process steps. And definitely that's a market When you're looking at advanced packaging and some of the applications that will be required in the future, it's definitely going to help us to increase our footprint in the advanced packaging.

And as I recall, it's for wafer-shaped bow and that sort of thing, is that correct?

That's one of the, I would say, the older applications, warp, and there is a lot of wafer topography. There is a lot of applications that are related to there, and there are a few new applications, you know, it's still not time to discuss.

Got it. All right. Thanks so much.

Thank you, Gus. Thanks, Gus. Our next question is from Tom O'Malley of Barclays. Tom, please go ahead. Tom, you're still muted. Tom, you there? Tom, are you able to... Tom, we don't hear you. Okay, so I think we'll... That actually brings us to the end of our Q&A. So Rafi, if you have any closing statements, please go ahead.

I want to express my gratitude to all of you for your ongoing interest in our business. A special thanks goes to our employees and management team for their outstanding performance. I appreciate your long-term support. I look forward to seeing you in October at San Francisco show, in Semicon show in San Francisco. Thank you and goodbye.