Irvin Liu

“On Silvis, I wanted to get your view on sort of the industry mix shift toward lower cost, expendable, or attributable unmanned systems. Just from a product perspective, how is Silvis positioned to address the kind of lower end of the market that offer a higher unit volume opportunity, but perhaps at a lower ASP?”

“Just given the continued outperformance of Silvis, I wanted to check whether you held an updated view on where the Silvis TAM stands today. I think most recently you indicated the TAM is currently about $3 billion and expected to double over the next four to five years.”

“Tom, can you help us understand the nature of the project delay at the single large customer? Is this more of a financial or strategic decision on their end?”

“I also had a question related to AI infrastructure. As you target this opportunity, can you talk about any sort of R&D and go-to-market investments needed to serve this customer segment.”

“It's good to see free cash flow conversion higher than what we have seen historically for Q1s at 83%, though CapEx was lower than what we've seen historically. Can you just give us a sense on how CapEx should trend through the year, especially given the lower-than-expected CapEx in Q1?”