ON Semiconductor Corporation

We anticipate Q4 revenue will be in the range of $1.48 billion to $1.58 billion. Our non-GAAP gross margin is expected to be between 37 and 39 percent, which includes share-based compensation of $8 million. Non-GAAP operating expenses are expected to be between $282 and $297 million, which includes share-based compensation of $32 million. We anticipate our non-GAAP other income to be a net benefit of $7 million, with our interest income exceeding interest expense. We expect our non-GAAP tax rate to be approximately 16%, and our non-GAAP diluted share count is expected to be approximately 405 million shares. This results in non-GAAP earnings per share in the range of 57 to 67 cents. We expect capital expenditures in the range of 20 to $40 million. To close, we remain focused on disciplined execution and financial leverage. The structural changes we have made across our portfolio, operations, and manufacturing footprint are driving margin expansion and positioning on CME for long-term earnings power. With over 100% of our year-to-date free cash flow returned to shareholders, we continue to prioritize capital efficiency and shareholder value while investing in innovation and differentiation. As the market stabilizes, we are well aligned to scale with demand and deliver sustainable growth. With that, I'd like to turn the call back over to Michelle to open it up for Q&A.

Thank you. As a reminder, to ask a question, please press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. And our first question comes from Ross Seymour with Deutsche Bank. Your line is open.

Thanks for the question, guys. First one I want to ask about the automotive side of things. Upsided in the quarter nicely versus the low single-digit guide that you had. So, Hasan, I just wanted to get an update on what you're seeing in that end market, what caused the upside, and perhaps what's the sustainability of that sort of growth as you look into the fourth quarter and then 2026 as well?