Thank you, operator, and good morning, everyone. Joining me on today's call are Hock Tan, President and CEO; Kirsten Spears, Chief Financial Officer; Tom Krause, President, Broadcom Software Group; and Charlie Kawwas, Chief Operating Officer. This morning, Broadcom issued a press release and presentation regarding our announced agreement to acquire VMware. We also distributed our fiscal second quarter '22 results and financial tables. If you did not receive a copy, you may obtain the information from the Investors section of Broadcom's website at broadcom.com. This conference call is being webcast live, and a recording will be available via telephone playback for 1 week. It will also be archived in the Investors section of our website at broadcom.com. During the prepared remarks, Hock, Tom and Kirsten will be providing details regarding our announced acquisition of VMware and Broadcom's second quarter fiscal year '22 results, guidance for our third quarter as well as commentary regarding the business environment. We'll take questions after the end of our prepared comments. Please refer to our press release and presentation today, and our recent filings with the SEC for information on the specific risk factors that could cause our actual results to differ materially from the forward-looking statements made on this call. In addition to U.S. GAAP reporting, Broadcom reports certain financial measures on a non-GAAP basis. A reconciliation between GAAP and non-GAAP measures is included in the tables attached to today's press release. Comments made during today's call will primarily refer to our non-GAAP financial results. I'll now turn the call over to Hock.

Thank you, Ji, and thank you everyone for joining today. If you could indulge me, let me start off by reviewing our fiscal Q2 results and our outlook for Q3, and the broader markets, of course, we play in. So in fiscal Q2 '22, consolidated net revenue was a record $8.1 billion, up 23% year-on-year. Semiconductor Solutions revenue growth accelerated to 29% year-on-year to $6.2 billion and infrastructure software revenue grew 5% year-on-year to $1.9 billion. Demand, as referenced by consolidated bookings, continues to be strong, even as our lead times remain unchanged, but extended. In Hardware, backlog at the end of Q2 was over $29 billion compared to $25 billion in the preceding quarter, and $21 billion a year ago. In software, backlog grew as well and ended the quarter at over $15 billion compared to $14 billion a year ago. Let me provide more color by end markets. Starting with networking. Networking revenue was a record $2.2 billion with growth accelerating to 44% year-on-year. There were 2 major drivers. We saw substantial deployment by hyperscalers of their AI engines and networks using our silicon during this quarter. More importantly, we saw the adoption of our next-generation merchant switching and routing, continuing to accelerate in hyperscale, enterprises, and service providers at the expense of proprietary solutions. This fundamental transition to merchant silicon based on Broadcom's platform will continue in Q3. And as a result, we expect in excess of 25% year-over-year growth in networking. Next, our server storage connectivity revenue was $939 million, and as we guided, accelerated to 66% year-on-year growth. While service storage spending in the enterprise was strong, our content increase in next-generation mega rates drove a substantial portion of this growth. Additionally, hyperscalers are aggressively adopting our next-generation server storage solutions to scale their massive consumption of nearline hard disk drive arrays. So in Q3, we expect these same drivers to continue with revenue to grow over 60% year-on-year. Now moving on to broadband. Q2 revenue of $1.1 billion grew 24% year-on-year. Deployment during the quarter of next-generation PON and cable modem with high fetch rate of Wi-Fi 6 and 6E continue to be good among major service providers globally. Just as a reminder, however, expansion in broadband investments arising particularly from COVID-19 pandemic lockdowns is a multiyear phenomenon. Investments are measured, and we are still in the early innings. Accordingly, in Q3, we do expect Broadcom's broadband revenue to sustain a growth rate around 20% year-on-year. On wireless, Q2 revenue of $1.7 billion was up 6% from a year ago, and as guided declined the seasonal 14% quarter-on-quarter. In Q3, we expect wireless revenue to be flat to slightly down quarter-on-quarter, but our mid-teens percentage from a year ago, reflecting an increase in content. Finally, in Industrial, Q2 resales of $254 million grew 14% year-over-year, driven by strong demand from electric vehicles, renewable energy, factory automation, and health care. Reflecting such strong resales, our inventory in the channel continued to be very lean at around 1 month. And in Q3, we expect industrial resales to remain stable and inventory levels to continue to be lean. So in summary, Q2 Semiconductor Solutions revenue was up 29% year-on-year, a step-up from the 20% year-on-year growth in the preceding quarter. As I highlighted above, content increase in server storage and a fundamental shift to merchant silicon in switching and routing drove this accelerated growth. This will continue in Q3 and accordingly, we expect semiconductor revenue in Q3 to grow 31% year-on-year. Now turning to software. In Q2, infrastructure software revenue of $1.9 billion grew 5% year-on-year and represented 23% of total revenue. Core software revenue grew 5% year-on-year. In dollar terms, consolidated renewal rates averaged 120% over expiring contracts. While in strategic accounts, we averaged 136%. Within our strategic accounts, $641 million represented renewals and expiring contracts, of which $117 million represented cross-selling, including PLAs of our portfolio products to these same customers. Over 90% of the renewal value represented recurring subscription and maintenance. ARR at the end of Q2 was $5.4 billion, which was up 4% from a year ago. And in Q3, we expect our infrastructure software revenue to sustain at mid-single-digit percent growth year-over-year. In summary, our outlook for Q3, Semiconductor revenue growth will continue to be strong, up 31% year-on-year. Layering on our stable software business, we expect Q3 consolidated revenue growth of 24% year-on-year to $8.4 billion. Well, that concludes my discussion of our second-quarter results. I will now turn to what perhaps you all have been waiting to hear more about. Now please refer to our accompanying slides regarding our agreement to acquire VMware. As you know, we never embarked on an acquisition unless we feel our core is very strong and solid. Irrespective of what you might think of where we are in the semiconductor cycle today, I do want to reassure you the fundamentals of our business, both in semiconductors and in software have never been stronger. We have just reviewed how solidly grounded these businesses are. So let me discuss now what we believe is a very unique opportunity to take our company and its business to the next level. Starting with Slide #4. By adding VMware, we will bring significant scale to Broadcom's software business and reinforce our position as a premier provider of mission-critical platform solutions to enterprises globally. VMware is an iconic company providing core cloud infrastructure that powers modern enterprises. The company began as the virtualization pioneer, bringing revolutionary levels of efficiency to on-premise data centers. VMware extended its platform to the private cloud, giving enterprise customers unmatched levels of security, performance, and control over their applications and underlying infrastructure. The most exciting today, VMware is now powering solutions for multi-cloud, hybrid cloud future where it will be possible for enterprises to develop and run their apps anywhere, everywhere with known trade-offs in a truly cloud-neutral fashion. One of the reasons we became very interested in VMware was because of its world-class team, engineering-centric culture, and strong customer and partner relationships.

Thanks, Hock. Now turning to Slide 7. As Hock previewed, VMware sits at the nexus of the largest opportunity in enterprise infrastructure today. In essence, VMware is a foundational platform that enables enterprises to drive competitive advantage with technology by leveraging 2 operational modes to develop and run their applications. First, VMware serves many of the same types of customers that we have worked with at Broadcom, large multinational organizations with complex IT challenges. These enterprises want to move fast and innovate, but also mitigate risk by retaining control of their underlying infrastructure and data. To do this, enterprises are deploying applications in their data centers, but need software to enable them to develop and run these applications in a flexible, agile, and cost-effective fashion. This private cloud market is very large and workload growth in the private cloud continues to grow. Beyond the private cloud, as we all know, public cloud workloads are growing rapidly. The public cloud brings unprecedented scalability and cost benefits and also enables enterprises to leverage cutting-edge technologies to drive their business forward. So we think it is clear that both of these modes, private cloud and public cloud are going to be important for enterprises going forward. Turning to Slide 8, VMware is a truly foundational infrastructure software platform that is critical for enterprises to leverage the benefits of both the private and public cloud. We have tremendous respect for the leading platform VMware has built, supported by an incredible team of R&D talent. By bringing our teams together, we will deliver even more innovation to our customers. As we think about it, VMware's platform really consists of 3 pillars: First, within the core private cloud infrastructure pillar is the category defining vSphere server virtualization platform, vSAN data storage virtualization solution, vRealize cloud management platform that provides automation, analytics, and lifecycle management for private cloud workloads, and NSX, which enables enterprises to manage their entire physical network as a single entity from a single pane of glass. Next, VMware's Tanzu platform provides an end-to-end modern application management platform for building, deploying, securing, and operating applications in private, hybrid, or public cloud environments. Finally, VMware has a robust portfolio of end-user and security solutions that enable employees to securely work from anywhere, anytime and with seamless employee experiences. On Slide 9, let me double-click on the first pillar, as this makes the bulk of VMware's revenue contribution today and is positioned to continue to grow well going forward. VMware pioneered the concept of virtualization, and today this technology is foundational to the development and computing operations of basically all enterprises in the world. Over time, VMware has evolved its value proposition from core server virtualization to enabling one to virtualize the underlying compute resources of the entire data center, which is the private cloud. They further extended this value proposition with NSX and vSAN by enabling software-defined networks and storage. Then with vRealize, VMware made it extremely easy to manage and operate the entire data center infrastructure. With these products, VMware offers a complete platform that delivers the scalability, flexibility, and cost benefits of virtualizing the underlying infrastructure across servers, networking, and storage. In concert with this private cloud capability, VMware also offers a seamless way to evolve the enterprise infrastructure to embrace the benefits of the public cloud with VMware Cloud Foundation. VMware Cloud Foundation gives the same operating environment for developers, letting them write the code once and deploy it anywhere they want, whether it's in the private cloud, in AWS, Azure, GCP, or even across clouds. This simplicity is unique to VMware in ushering in the coming age of mass cloud adoption. Stepping back on Slide 10 and thinking about our existing software portfolio, we are incredibly excited about the opportunity to marry our products with the VMware platform to deliver more end-to-end capabilities to our enterprise customers. As we all know, enterprises need to manage a constantly changing portfolio of thousands of applications that reside on a wide variety of underlying infrastructures; from mainframe to client server, to hybrid and public cloud. And all of these applications are operating in different stages of their life cycle. And we think together, Broadcom software assets for the distributed enterprise can seamlessly complement and augment VMware's multi-cloud offerings in the areas of operation management, value stream and DevOps management, and security to address the entire application life cycle.

Thank you, Tom. Let me now provide additional detail on our financial performance. Revenue was $8.1 billion for the quarter, up 23% from a year ago. Gross margin was 76% of revenue in the quarter and up 145 basis points year-on-year. Operating expenses were $1.2 billion, up 8% year-on-year, driven by investment in R&D. Operating income for the quarter was $4.9 billion and was up 30% from a year ago. Operating margin was 61% of revenue, up approximately 345 basis points year-on-year. Adjusted EBITDA was $5.1 billion or 63.1% of revenue. This figure excludes $135 million of depreciation. Now a review of the P&L for our 2 segments. Revenue for our Semiconductor Solutions segment was $6.2 billion and represented 77% of total revenue. This was up 29% year-on-year. Gross margins for our semiconductor solutions segment were approximately 72%, up 290 basis points year-on-year, driven by favorable product mix and content growth in next-generation products across our extensive product portfolio. Operating expenses were $873 million in Q2, up 10% year-on-year. R&D was $772 million in the quarter, up 10% year-on-year. Q2 semiconductor operating margins increased to 58%. So while semiconductor revenue was up 29%, operating profit grew 42%. Moving to the P&L for our Infrastructure Software segment. Revenue for infrastructure software was $1.9 billion and represented 23% of revenue. This was up 5% year-on-year. Gross margin for infrastructure software was 90% in the quarter, up 10 basis points year-over-year. Operating expenses were $374 million in the quarter, up 5% year-over-year. Infrastructure Software operating margin was 70% in Q2 and operating profit grew 5%. Moving to cash flow. Free cash flow in the quarter was $4.2 billion, representing 51% of revenue; we spent $85 million on capital expenditures. Days sales outstanding were 35 days in the second quarter, and we ended the second quarter with inventory of $1.7 billion. We also ended the second quarter with $9 billion of cash and $39.5 billion of gross debt, of which $302 million is short-term. With liability management activities during the quarter, we were able to extend our weighted average debt maturity from 10.4 to 10.9 years, with the weighted average interest rate relatively unchanged at 3.6%. Turning to capital allocation. In the quarter, we paid stockholders $1.8 billion in cash dividends. Consistent with our commitment to return excess cash to shareholders, we repurchased $2.8 billion in common stock and eliminated $514 million of common stock for taxes due on vesting of employee equity, resulting in the elimination of approximately 6 million AVGO shares. The non-GAAP diluted share count in Q2 was 441 million. Based on current business trends and conditions, our guidance for the third quarter of fiscal 2022 is for consolidated revenues of $8.4 billion, and adjusted EBITDA of approximately 63.5% of projected revenue. Note, that we expect Q3 non-GAAP diluted share count to be 439 million. With the acquisition of VMware, let me now share our thinking on capital allocation policy going forward. Historically, over the last 6 years, we have grown free cash flow to increase at a 41% CAGR organically and through acquisitions. With the acquisition of VMware, we expect to enhance our already strong organic earnings and free cash flow growth. The Board of Directors has approved a third-quarter cash dividend on our common stock of $4.10 per share. Following the acquisition of VMware, we remain committed to our dividend policy of returning 50% of prior year's free cash flows as dividends. We are also committed to maintaining our investment-grade rating and plan to rapidly delever from approximately 3.5x gross debt-to-EBITDA at closing to normalized leverage ratio of less than 2.5x gross debt to EBITDA within approximately 2 years post deal close. Between now and deal close, we expect to generate considerable free cash flow. As it relates to the buyback, we have $3 billion remaining under the current authorization to date. In addition, we are announcing today an incremental $10 billion authorization to buy back shares through the end of December of 2023. That concludes my prepared remarks.

Congratulations on the deal and the results. Tom, I wanted to ask a question on the VMware side of things. You gave a bit of a long-term model, mid-single-digit revenue growth and then mid-single or mid-60s EBITDA. Can you talk a little bit about the revenue growth side of that equation? It seems like the VMware asset according to the Street is growing a little bit faster than that. What are you doing and assuming as far as the growth rate of that piece? And then on the EBITDA side of things, out of the levers you showed on, I think it's Slide 13. Can you just give us an idea of how those all fall in to get you to that mid-60s level overall?

Sure, Ross, thanks for the question. Let me start and then I'll let Hock embellish. When we think about the top line, a number of things are going on. But fundamentally, and this is actually back on Slide 7 if everyone has the deck, it's all about workload growth. I mean if you think about private cloud growing mid- to high single digits, public cloud growing high double digits. That's what's really going to drive the top line fundamentally, and that's actually what it got us comfortable with the key business case here. I think in addition to that, we are going to focus on going through a transition and a rapid transition from perpetual licensing to subscription. As you know, with the software business, we've been totally focused on pretty much 100% recurring revenue. And we see ARR growth being able to sustain at 5%, if not faster, when we think about the combined business. When we think about EBITDA, there are multiple knobs. We covered that. You can look at Slide 13. In terms of R&D, we're going to reinvest back in the core business, the core franchises. If you think about the 3 different pillars of this business, and I went through it. But it's really the core infrastructure business, vSAN, vSphere, vRealize. These are the businesses that are core to driving the bulk of the revenues, and that's where the reinvestment is going to occur. We are going to focus on our common customers. We have a significant go-to-market engine here at Broadcom software, obviously, so does VMware in their own regard, actually much more significant than ours. And so we have a direct sales force, and we're going to leverage the fact that we have common coverage in both of those areas and take advantage of getting synergies there. But beyond that, we also see a very valuable channel. I think there's some things we've learned relative to the CA and the Symantec acquisitions in terms of the value of the channel, and we want to continue to support that channel. And that's going to allow us to support a lot more revenues in a cost-effective way. So we see some real opportunity to leverage that. And then, of course, as you all know, we run G&A at 1% of revenue. We've been integrating companies for a long time. We have tremendous scale. This is going to give us even more significant scale going forward. And we think there's a lot of opportunity there to drive synergies from the redundancies we see. Hock, anything you want to add to that?

Thanks, Tom. Great job explaining it. To address your question directly regarding revenue, there are two dynamics at play. One is our investment strategy and spending priorities. The other is the revenue model; VMware has a significant $3 billion in perpetual on-prem licenses, and we are gradually transitioning these to a subscription model over the next couple of years. This shift may initially lead to a slight dip in reported revenue, but we anticipate a recovery within three years, potentially returning to a growth rate that exceeds mid-single digits, as Tom mentioned. We are preparing for this transition. Economically, whether a license is perpetual or subscription is essentially the same, but we want to ensure our approach aligns with our operational model. Consequently, we are restructuring both our perpetual and subscription contracts. At the start, you might notice slower growth, if any, which will be followed by a faster growth phase as we move more licenses to subscription.

Following up on Ross's question, this asset is quite distinct from the other two in terms of its growth rate and trajectory. It appears that there is no need to divest any parts of this business like you had to with the others. Can you explain the synergies you see in merging these businesses and whether they have previously formed partnerships? How do you plan to approach this moving forward, especially considering Hock's comment about the potential for this to evolve into a faster-growing software business than what is currently anticipated?

Yes. No, certainly. I mean if you think about it, from a go-to-market standpoint, that's where software companies spend the bulk of their dollars. The fact that we're going to go from $5-plus billion of software revenue to much closer to $20 billion is a big deal. And the fact that we can leverage the combined go-to-market engine at that scale gives us huge economies. I think what we're going to be able to do is marry effectively a direct sales force which covers the largest couple of thousand customers. These are large multinationals across all the key verticals, primarily focused in North America and Europe, but also in parts of Asia with a very significant channel partner arrangements. I think one thing we've learned is there's an opportunity to embrace the channel, the 2-tier distribution model, distribution partners, and key value-added resellers. There's also a big GSI opportunity. We worked significantly with GSIs on our side, so does VMware. And so when I look at that in its totality, what we can't do today, given our scale, we can definitely take advantage of with the newfound scale between the 2 companies. Beyond that, when you think about the R&D side of the equation, to dig deeper into it and follow up when we talked about with Ross. When you think about what supports the development of software, there's a lot of what we refer to sometimes as central engineering. So software business operations, this is the continuous delivery, continuous testing capability, the ability to continuously develop applications on a consistent basis, that's expensive. It requires having your own private data centers or working with cloud providers, and having the scale to be able to drive that kind of R&D investment over a much larger portfolio is also going to drive significant benefits. So hopefully, that helps answer your question. Hock, you want to add anything?

We are addressing the central issue, which is our commitment to investing in research and development and hardware when necessary. Ultimately, we have a strong franchise. When it comes to monetization, it really hinges on effective execution. In summary, we believe our execution will be significantly different, and hopefully better, than what we have experienced so far.

Tom, I found your comments about approaching the new channel differently intriguing. It seems that your previous strategy was primarily focused on the largest customers while neglecting the smaller ones. Are you indicating that you plan to target these smaller customers more aggressively now that you have the right channel for it? Will this strategy also benefit your other businesses? Could you elaborate on how your business model is evolving, particularly regarding these smaller customers? What implications does this have for cost synergies compared to what you've experienced previously? It appears you're not anticipating a significant boost in the growth rate, as you're still projecting mid-single digits, although there may be some cautiousness in that figure. Any insights you can share on the changes in your business model, particularly concerning the smaller customer segment, would be appreciated.

Yes. No, you're picking up on it, Stacy. I think a lot of it is because of the portfolio and the fact that we are. Yes, Stacy, a lot of it is based on the portfolio and the breadth of capability that VMware has relative to where we sit today. You're right. When we bought CA, mainframe made up at least half of the revenues. Today's mainframe is still about 50% of the overall software business at Broadcom. That's very much levered toward about 500 accounts in what we call our strategic account area, which is a direct sales motion. And that's also where we saw a lot of opportunity to drive customer synergy with Symantec, particularly around some of the Blue Coat and DLP activities that we were driving. So that was the business model that made sense. That, of course, meant we could drive operating margins, frankly, slightly north of 70% because we didn't have to invest as much in our go-to-market motion. I think with VMware, when we look at it and we look at the fact that vSphere, going back to the core, serves over 300,000 customers, and we look at the growth that the company is driving with their more modern applications, whether it be for private cloud or public cloud, we see a much bigger opportunity. And so to support that opportunity, we need to invest in sales and marketing. So when you think about the 60s EBITDA margins that I was discussing, I think I said mid-60s. That's on a much bigger scale, but at a lower EBITDA margin profile that we're running today. All of that variance is going back into the sales and marketing investment. And we think from learning about how we managed and Symantec, and frankly some of the revenues that we gave up, we think we can actually go back and reinvest in the channel and continue to drive revenue growth profitably. We don't want to walk away from the channel. We actually want to embrace it.

I had a question on the process and then on the accretion side. So on the process side, which jurisdictions will you need approvals from? Do you see any product overlap that any regulator could push back against? And why is there a 'Go Shop' provision? And then on the accretion side, will this be accretive in year 1? And I think, Tom, you said mid-60s EBITDA margin. Is that for VMware only? Or is that for your entire software business? Because the rest of the software business is running closer to 70%, I believe. So just any thoughts on the process and the accretion would be very helpful.

Yes, this will be accretive from the start, with increased accretion as we progress through the integration. When considering the overall value and our EBITDA expectations, we anticipate achieving double-digit cash-on-cash returns, which has always been our goal and will generate significant value for our shareholders. We plan to submit filings in various jurisdictions, which will be evident in the documents related to the merger agreement. There shouldn’t be any unusual issues there. Regarding the 'Go Shop' provision, it was the result of extensive negotiations, and it lasts for 40 days.

To clarify, the mid-60s refer to VMware stand-alone where we're driving it. Our strategy, as Tom clearly indicated, focuses on selling new products and supporting the largest enterprises in the world to create their private cloud. Beyond that, we have a hybrid cloud structure, which we plan to expand from the current core group of 600 strategic accounts to a larger group of 1,500 accounts. This approach enables us to work effectively with VMware and directs significant attention and support to drive revenue growth and the adoption of new products and software stacks, particularly in private cloud and software-defined networks. Regarding the long tail of 300,000 customers, we view this positively, ensuring they receive adequate support. This remains a business base that will grow, and we will address these customers through partners, such as distributors, resellers, and GSI partners. This will simplify our business model. However, we will now concentrate on a larger core group of global 1,500, which allows VMware and its scale to maintain the focus we had on the last 600 accounts.

First of all, congratulations on the deal, it sounds like an amazing deal. Hock, for a change, I've got a question on some of your business commentary related to organic Broadcom. You mentioned that in the networking business, you're seeing proprietary solutions from your customers losing out to merchant solutions and silicon that you guys sell. I was curious, is there anything happen recently, which is driving the shift over to your solutions? Or was this just something in the making a long time and it's just now happening? And also, if you can talk about supply concerns, you don't seem to be seeing any supply issues, whereas the other guys are. I'd be curious about color on that.

We appreciate the interesting question about the networking sector. This trend has been evolving over the past five years, where merchant silicon has been gaining traction over proprietary solutions. Merchant solutions facilitate the separation of hardware and software, leading to greater resilience and flexibility for customers. Initially, this began with hyperscale environments, but it is now extending to service providers and enterprises. The current acceleration may be linked to the fact that enterprises, after a period of investment hiatus from 2019 through the pandemic, are now reinvesting and modernizing their data centers. They are looking toward the next generation of solutions. We are witnessing increased demand for our Tomahawk 3 and 4 products, along with the latest versions of Trident and Jericho2c, and the introduction of Qumran at the edge. The adoption rates we are seeing are outpacing what we would expect under typical growth conditions. In simpler terms, we are capturing market share in merchant silicon against proprietary solutions, and this trend, which has been building for five years, is now more pronounced. Regarding supply chain concerns, I often get asked about this, and I want to be clear: over the past year, we have faced challenges in meeting demand promptly with what our customers want. However, we do not see a supply issue; rather, it is a continuous challenge to meet ongoing demand. We have significantly increased our backlog in the last three months, even with lead times remaining unchanged. Demand continues to come in for our products, particularly in areas like infrastructure, including hyperscale, telecommunications, service providers, and enterprises. In the enterprise space, we are seeing increased demand for subsystems instead of just chips, which greatly enhances our content. Demand remains robust in these two areas, and we are experiencing not just accelerating revenue but also increasing bookings. There is genuine demand, and we have the supply needed to meet these critical requirements.

Hock, so after the acquisition, your business is going to be roughly 50% semis and 50% software. I was hoping you could remind us some of the pros and cons for running these 2 businesses under 1 umbrella. And assuming the deal successfully closes, would you ever consider splitting up to 2 businesses, particularly if you feel like you're not getting the valuation that you deserve?

To get straight to the point, we see many advantages in consolidating our various hardware and software franchises under one roof. Think of it as a response to the trend driven by merchant silicon. In the past, the model involved selling an integrated hardware and software solution to IT departments, like those at JPMorgan. When issues arose, customers had to rely on support without understanding the inner workings of the system. We are moving towards a model that separates hardware from software. While we might not know everything about systems, we definitely understand the technology that powers them, whether it's switches, routers, computing, or storage. This is Broadcom's approach to disaggregating hardware and software. Together, we believe we are more powerful than when we are apart. I hope this addresses your question.

Thank you, operator. As we have released the results of Broadcom's second quarter of fiscal '22 today, we will no longer hold the conference call previously scheduled for Thursday, June 2. Broadcom currently plans to report its earnings for the third quarter of fiscal '22 after close of market on Thursday, September 1, 2022. A public webcast of Broadcom's earnings conference call will follow at 2:00 p.m. Pacific Time. That will conclude our earnings call and call today. Thank you all for joining. Operator, you may end the call.

This concludes today's conference call. Thank you for your participation, and you may now disconnect. Everyone, have a wonderful day.