Ladies and gentlemen, thank you for standing by. I would like to welcome all of you to Camtek's Results Zoom Webinar. My name is Kenny Green, and I am part of the Investor Relations team at Camtek. All participants other than the presenters are currently muted. Following the formal presentation, I’ll 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 on Camtek'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, Camtek's CEO; Mr. Moshe Eisenberg, Camtek's CFO; and Mr. Ramy Langer, Camtek's COO. Rafi will open by providing an overview of Camtek's results and discuss recent quarterly trends. Moshe will then summarize the financial results of the quarter. Following that, Rafi, Moshe and Ramy will be available to take your questions. Before we begin, I’d like to remind you that the statements made by management on this call 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 Camtek’s results, I would encourage you to review our earnings release and SEC filings and specifically the forward-looking statements and risk factors identified in Camtek’s 2024 Annual Results, PR, and other such risk factors discussed in the latest Annual Report on Form 20-F as published on March 21, 2025. Camtek 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 we’ll present is on a non-GAAP financial basis unless otherwise stated. As a reminder, detailed reconciliation between GAAP and non-GAAP financial measures and results can be found in today’s earnings release. And now I would like to hand the call over to Mr. Rafi Amit, Camtek's CEO. Rafi, please go ahead.

Okay. Thanks, Kenny. Hello, everyone. Camtek concluded the first quarter with record performance. Q1 revenues reached $119 million, reflecting a year-over-year increase of more than 20%. The quarter also saw a significant improvement in gross margin, which rose to over 52%, contributing to a record operating income of over $37 million and a nearly 30% increase compared to the same period last year. The distribution of revenue was 45% to 50% from high-performance computing applications and about 20% from other advanced packaging applications. The remaining revenue was distributed among CMOS Image Sensor, compound semiconductor, front-end applications and general 2D applications. As OSAT began producing modules for the HPC market, it is challenging to determine which of our systems installed at OSATs were specifically intended for HPC modules versus other advanced packaging applications; as a result, we are providing a range. During the quarter, we sold systems to over 35 different customers, with many purchasing only one or two tools. This highlights the robustness and diversity of our business model. There is a broad consensus that the tariff policy and the geopolitical situation have created some uncertainties in the market environment. However, the tariff policy does not directly affect us in any material way as most of our sales are not targeted at the US market, and our manufacturing is based in Israel and Europe. That said, the geopolitical issues and tariff policy have been raising concern, particularly regarding their potential negative impact on the global economy and the demand for end products containing electronic components and therefore affect visibility in our market. Regarding the impact on Camtek's business, currently, we have not seen any impact on our business in terms of delays or order cancellations. We have a customer base spread across different regions, and we have technological leadership and maintain competitiveness. Regarding our guidance, we continue to see strong momentum heading into the second quarter. Based on current orders, our pipeline and ongoing customer engagement, we are guiding Q2 2025 revenue in the range of $120 million to $123 million, representing approximately 18% year-over-year growth compared to the second quarter of 2024. In addition, we have a healthy backlog for Q3 and expect a solid quarter. Regarding the HPC segment, we continue to see ongoing investment in the HPC segment with varying momentum across regions, some experiencing slower investment while others progress at a faster pace. Our customers, including OSAT, are consistently expanding their capacity in both CoWoS, CoWoS-like technologies as well as HBM. Our primary growth engine for the upcoming years will be advanced packaging, particularly in high-performance computing, supporting the AI applications. New technologies are expected to be introduced, for example, HBM device makers are preparing for higher memory content as well as a transition to HBM4 next year. The outcome is expected to drive new tool requirements with better technical capabilities. We believe we are in a very strong competitive position supported by the successful launch of two new models, the Eagle G5 and the Hawk, both of which have been extremely well received and highly valued by our customers. These two models bring cutting-edge technology to the market, and we expect them to account for a significant portion of our revenue this year. This is a significant milestone, reflecting the strong confidence our customers have in our latest technologies. A noteworthy example of our customers' recognition and support of our technology is the recently announced Intel EPIC Supplier Award. The Intel EPIC Award honors top performances in Intel's supply chain for their commitment to EPIC performance, excellent partnership, inclusion and continuous improvement. Out of thousands of Intel suppliers globally, only a few hundred qualify to participate in the EPIC Supplier program. To earn the Intel EPIC Supplier Award, companies must not only meet but exceed Intel's highest expectations and achieve ambitious strategic objectives that align with Intel's core priorities. In conclusion, we are fully aware of the global business uncertainty. We remain in close dialogue with our customers to continuously assess and monitor the situation. However, I believe that Camtek’s diversified customer base, technological edge, and strong market position in the advanced packaging market provide us with great resilience compared to our peers. We are a leading provider of OI systems, offering highly competitive capabilities in the advanced packaging market with a particular focus on the fastest-growing segment of HPC. Our customer base is geopolitically diverse, and we are proud to serve over 200 active customers worldwide. The unique combination of scale and flexibility is a key reason why many customers choose to work with us over larger competitors, who are often slower to respond. And now Moshe will review the financial results.

Thanks, Rafi. First quarter revenues came in at a record $118.6 million, an increase of 22% compared with the first quarter of 2024. The geographic revenue split for the quarter was; Asia, 91% and the rest of the world, 9%. Gross profit for the quarter was $61.8 million. The gross margin for the quarter was 52.1%, an improvement from 50.6% reported both in the first quarter of last year and the previous quarter. This is on the high end of our range, supported by a favorable mix in the quarter. Operating expenses in the quarter were $24.4 million compared to $20.2 million in the first quarter of last year and $23.1 million in the previous quarter. In the last few quarters, we have been increasing our R&D and sales and SG&A expenses to support the growth in revenue. Operating profit in the quarter was $37.3 million compared to the $29 million reported in the first quarter of last year and $36.3 million in the fourth quarter. The increase is due to the increase in gross profit, partially offset by the increase in operating expenses. Operating margin was 31.5% compared to 29.9% and 30.9%, respectively. Financial income for the quarter was $5.4 million, a decrease from the $5.6 million reported last year and from the $6.2 million in the previous quarter. The decrease was caused by exchange rate differences versus the US dollar. Net income in the first quarter of 2025 was $38.7 million or $0.79 per diluted share. This is compared to a net income of $31.3 million or $0.64 per share in the first quarter of last year. Total diluted number of shares as of the end of the first quarter was $49.3 million. Turning to some high-level balance sheet and cash flow metrics, we generated $23.6 million in cash from operations in the quarter. Cash and cash equivalents, including short and long-term deposits and marketable securities as of the end of the quarter were $523 million. This compared with $501 million at the end of the fourth quarter. Inventory level increased to $141.5 million from $123.1 million. The increase over the quarter is mainly a result of building inventory for the two newly introduced products, the Eagle Gen 5 and Hawk, to support sales in the coming quarters, which is expected to be significant. Accounts receivable remained stable at around $100 million, which represents 77 days. As Rafi said before, we expect revenue between $120 million to $123 million in the second quarter. And with that, Rafi, Ramy and I will be open to take your questions.

Thank you, Moshe. At this time, we'll begin the question-and-answer session. If you have a question, please raise your hand via the Zoom platform. I will introduce you and ask you to mute, after which you may ask your questions. As we have a lot of people on the call, we'll take a few moments to pull your questions. Our first question will be from Charles Shi of Needham. Charles, please go ahead.

Thanks, Kenny. Good afternoon, Rafi, Moshe, Ramy. The first question, your competitor reported not long ago, and they talked about KLA, the largest process control competitor coming into their field more around sub-micron defect detection. I believe it's part of the 2D AOI market, especially around HPC type of applications. Do you or do you not worry about larger competitors like KLA coming after your market, especially 3D metrology? We would love to hear some of your insights. Thank you.

Yes, I will address it. Hi Charles and thank you for the question. We've engaged with KLA in multiple locations and consistently shown that our systems are highly competitive. The advanced packaging market is dynamic and requires customized equipment, demanding a rapid response. As a midsized company, we are well-positioned to meet the specific needs of this unique market. Our latest products, the Hawk and the Eagle G5, provide competitive advantages, and we are confident in our ability to grow our business and market share while facing competition from KLA. To summarize, we have a unique combination of scale and flexibility, which is a key reason why many customers choose to work with us rather than the larger competitors who are often slower to respond.

Thank you, Ramy. I have another question for Rafi regarding HBM4 and its new technical requirements. I would like to know how your team envisions the product positioning for HBM4, particularly with your two new products, Eagle G5 and Hawk, considering their different average selling prices. More importantly, as customers look to upgrade their technology or expand their capacity in HBM4, do you believe they will prefer to purchase new tools from your new platforms, or will there be options for upgrading their existing equipment to meet the new technical standards? Thank you.

So, you know, Charles, people here buy new equipment; they don't tend to upgrade the current equipment. But I think we are in a very good position. No doubt, some customers will want the Hawk in order to provide the best possible performance and specifically throughput at a lower footprint. That's definitely an advantage and one of the reasons we developed the Hawk. So, I think there will be a combination of those customers for specific applications that will take the Hawk, while, I think the Eagle with its very large installed base in this market, I believe some of the customers will still want to go with the new versions of the Eagle. So, I think this even puts us in a much better position compared with our competitors that we are really here with multiple selections or multiple product approaches as we enter this market.

Thank you. Lastly, I want to ask about HPC revenue, which was 45% to 50% of total revenue in Q1. What is the current expectation for the full year? How much will HPC contribute to total revenue on a full-year basis based on the current outlook? Thank you.

So, it's very hard to talk about this. But at least in the foreseeable future, I think we'll be in a similar range. This can differ from quarter to quarter. It's really based on shipments. But overall, the HPC continues to be a strong segment for us, and we see the growth potential, and there are no further comments on it.

Thanks, Charles. Our next question is going to be from Matt Prisco from Cantor Fitzgerald. Matt, you may go ahead and talk.

Hi, guys. Thanks for taking the question. So with the healthy backlog that you have for Q3, how are you now thinking about growth overall into the back half of the year? Can you maybe walk us through the primary puts and takes you're thinking through today and perhaps what type of visibility you have from customers at this point? Thanks.

So I think we said it very clearly in our prepared notes, and I won't be able to share more of that. But we gave the guidance of increased revenues in the second quarter. Obviously, we really understand where the business is going. As we go into the third quarter, we see a solid business with the backlog, the pipeline, and we feel very comfortable about this as well. To go beyond that, it is very hard in our business, and we will be in a better position to discuss the fourth quarter, I believe, in a couple of months.

Thank you. And then maybe an update on where you stand on your new products. It sounds like you're calling for now significant revenue in 2025. It sounds like a little more than three months ago, you were talking tens of millions outlined previously. So I guess what has changed versus three months ago there? Can you talk about any new orders, customer feedback, new applications that may be opening? Any additional color would be great. Thank you.

We have a lot of positive developments regarding our new products. The performance of the new machines is meeting our expectations, with some even exceeding them. Customer orders are continuing to come in, and we've received more orders for both product lines. The G5 has provided us with advantages over competitors in areas where we previously felt less competitive, and the market response has been very favorable. In specific applications, we're capturing more business than anticipated. The Hawk has also gone through evaluations and has received excellent customer feedback; we are actively shipping orders. Both product lines are expected to generate significant revenues this year, which is a great outcome. As we mentioned previously, our customers have confidence in the products we offer, and our continued shipments reflect that confidence.

Okay. Thank you.

Thanks, Matt. Our next question is from Tom O'Malley from Barclays. Tom, you may go ahead and ask.

Hey, guys. This is Kyle Bleustein on for Tom O’Malley. Thank you for taking our question. So on the gross margin front, you guys talked about getting to a higher point with new mix. Can you kind of talk about some of the puts and takes going forward and especially as you ramp these new product lines, when do you expect them to be accretive to margins and kind of how that shapes through the year?

We mentioned in the prepared remarks that the improvement in gross margin is due to the product mix. We anticipate that next quarter will fall within the 51% to 52% range as we begin to ship more units from the new products, specifically the G5 and the Hawk, which will gradually contribute positively to the gross margin. We expect to see a more substantial improvement in gross margin next year, but we are definitely maintaining a strong gross margin level.

Very helpful. Thank you. And then for my follow-up on the tariff point, you guys mentioned that you're not really seeing any headwinds from your business just based off of your manufacturing locations and your customer mix. On the flip side, do you guys see opportunities for share gains versus some of your competitors that may be having more impacts from tariffs or uncertainty in this environment?

First of all, you've seen the news. I mean, this is something that is changing every day. In this case, there is a 90-day truce; they decided only to go down to 10% or whatever the numbers are. So definitely, this is something that is changing. We don't see any competitive advantage here or anything that is going to change the picture. We are monitoring the situation.

Thanks. Our next question is going to be from Blayne Curtis of Jefferies. Blayne, please go ahead.

Hi, everyone. Thank you for taking my question. I wanted to revisit HPC. You mentioned HBM in relation to CoWoS outlook. Could you share some insights on the different geographic trends? It appears that one of your key customers is adjusting. Is that the situation you're observing? Additionally, are you experiencing any strength in HBM from other areas?

I will address both questions. Our expectations for both applications and markets are based on discussions with customers and market analysts to understand the future direction of the market. Looking at HBM, we anticipate growth in the coming years. The current main application is server-based AI, which drives the demand for HBM, DRAM, and CoWoS. Furthermore, as we look to the future, we expect consumer devices such as AI-powered laptops and smartphones to enter the market. While these emerging applications are still in their early stages, they are projected to create significant demand soon. Additionally, we are transitioning from HBM3 to HBM4, which presents new opportunities with enhanced inspection and metrology processes in manufacturing. By 2027, we expect a major transformation in memory density, providing a substantial opportunity for increased capacity. On the CoWoS front, it's encouraging that major foundries are shifting to OSATs, and we are already securing business from OSATs utilizing similar technologies. Both of these applications are interconnected, and we remain optimistic about this market. Specifically regarding HBM, we are set to deliver tools for 3D Metrology inspection in 2025, with more shipments expected in 2026. Overall, the foundational elements of the HPC sector are strong, and while it’s premature to discuss annual growth rates, we foresee significant growth in both segments over the long term.

Excellent. And then maybe I wanted to ask about the trends outside of Advanced Packaging. I guess if I did the math right, it seems like in the March quarter, it was up 20%. Can you maybe just talk about where you're seeing strengths and kind of your outlook as you look to the June quarter?

So if we look outside of just the 45% to 50%, there is definitely the Advanced Packaging, and that's anywhere between 15% to 20% additional business. This goes to the conventional applications. And if it is fan-out, it's still a strong market, and there are other applications from bump inspection and so forth. These are applications that will continue to grow, and no doubt this is a business we are going to enjoy in the foreseeable future. Then there is something around 35%, what I call 2D applications. It goes from general 2D applications to front-end, still compound semiconductors, and we even got some bit of CMOS Image Sensors. That's a business that's picking up a little bit this year. If you want to look... our 2D business is very, very strong. Don't forget that out of the 70% of what we call advanced packaging, a lot of it is inspection. Overall, our inspection business is much larger than our 3D Metrology business. So that, I would give you a little bit of an overview about the entire business. I believe that the next quarter will be similar.

Thanks. Our next question will be from Brian Chin of Stifel. Brian, please go ahead.

Hi, thanks. Good afternoon. Thanks for letting us ask a few questions. Maybe just to clarify, the solid quarter in respect to the third quarter means flat or higher sequential revenue? Following up on the last few questions, is the company expecting year-over-year improvement in Logic or CoWoS revenue in 2025? And what portion of your HPC Advanced Packaging revenue is likely to be CoWoS versus HBM this year?

Let's start from the end and go backwards. First of all, we don't give details exactly on how much the HBM versus CoWoS is changing from quarter to quarter, and we just provide the overall number for high-performance computing. Both, as I said in my previous remarks, both segments are healthy. Regarding revenues from 2025 in the overall revenues, when we are talking 45% to 50%, obviously, this is on increased revenues compared to last year. We will need to see how much Q4 will turn out to be in order to give the numbers. But at least at this stage, the business is higher than it was in 2025. As we move forward, we will be able to provide more information. Definitely, in Q3, you asked the question. I think it is too early in the game to say exactly how it will compare to Q2. As we said, it is solid. We are building the backlog, and we have the pipeline in place. This is very positive. But to give numbers, we would only provide them at the end of the next quarter.

Okay, fair enough. Just quickly for a follow-up, Ramy, when you spoke about changes in HBM density in 2027, are you specifically referring to hybrid bonding? How would you assess the competitive landscape in Camtek's positioning once that transition occurs?

No, no. I'm referring to something totally different. If you look at the density of the HBM compared to GPO, currently, it's about 288 gigabytes, and it is supposed to be closer to a terabyte. This is from the internal requirements that the NVIDIA GPU will require to run optimally. The memory that is going to be required in 2027 is going to be significantly higher than what is currently being used. This has nothing to do with the manufacturing process. Regarding hybrid bonding, we see it as an opportunity. We are already supplying machines to pilot lines, and we are going to be part of this application. There are many steps involved in hybrid bonding, and I think that we're going to do both in inspection and metrology.

Thanks, Brian. Our next question is from Gus Richard of Northland. Gus, you may go ahead and ask.

Yes. Thanks for fitting me. I was hoping you could give us an idea of what your market share in HPC was from, say, last year and maybe a few years before and what the trajectory has been?

It's a challenging question, Gus, and I don't have the exact figure. Looking back, we've generally maintained or grown our market by focusing more on 2D applications. I believe we are on a positive path in this market. As we expand into OSATs, I anticipate this trajectory will improve even more since we'll be involved with both 3D metrology and various inspection processes. Regarding competition from KLA, I feel we hold a very strong position in the market. We're capitalizing on our robust standing in 3D metrology to enhance our inspection capabilities. I expect we will continue to utilize this advantage and increase our market share moving forward. While it is competitive, I believe we are well-positioned for the reasons we've discussed previously.

Got it. That was helpful. And then this is sort of when I think about you getting designed into a line, when a customer makes a decision on a tool, are you getting designed into a full line? Is it specific applications in line? Or is it a generational decision? How do customers split the mix between yourself and other vendors in the market?

I think that when they design, they start to design the initial one for the buying reasons; they usually start with certain applications, but then they know what you can do. From what I see, our customers are evolving. One of the reasons that we are successful is that our customers know that if there is a new application, even if the machine did not exactly design that need some upgrades or changes, we will be there to support them. This is a major part of the purchasing decisions that the customer makes when he understands there are a lot of unknowns. From that point of view, this is a plus on our side.

Thanks, Gus. Our next question is from Craig Ellis of B. Riley. Craig, you may go ahead and ask your question.

Yeah. Thanks for taking the question and good afternoon, team. I wanted to start out just understanding how order intensity and dynamics are tracking as we look at what transpired in Q1 and how things are trending for Q2 to date and with regard to order dynamics. As you look at what's coming in, how much of the orders are coming in more on a turns basis for the current quarter versus pipelining out to help that solid Q3 or even beyond that into Q4?

There is some uncertainty in the market. As usual during such times, customers are more cautious to release POs well in advance. Now it's too early to say if this will have any impact on our business, especially given the latest news about the tariff discussions. In any event, when I look at the situation, we have not experienced any material impact on our business in terms of delays or order cancellations. I would describe the current situation as stable.

Got it. Thank you, Ramy. And then the second question is really related to the target revenue level that the company has had for some time at $500 million. If we annualize guidance, it looks like we're within about 3% of that. So congratulations on all the progress made over the last year or two in that regard. But the question is more about how you're setting the sights and where you're setting the sights for your team as we look out to 2026 and 2027. How should investors and analysts think about the level of revenue that's possible for the business at this point with the $500 million target now getting so close? And any color on specific drivers or dynamics like that, that we would get to higher levels of attainment?

I would say there are two aspects to it. I would say a little bit longer term and things that are up to us. We have spent over the last year a lot of effort building the infrastructure to manufacture over $500 million in carry-zone clean rooms here and also in Germany. So from the ability to manufacture from all different aspects, we are ready. Additionally, we've introduced two products to two new product lines: the G5 and the Hawk that we spoke a lot about. You can see that within one year of the introduction, we are going to achieve significant revenues from these two products, which open to us applications that we couldn't do before. By improving our inspection and metrology equipment, both the Eagle and the Hawk will be able to address more applications. Definitely, we can see ourselves growing the business into new applications. Furthermore, we have the acquisition we made at FRT, which is also going well, getting into new applications and doing things that we couldn't do before. These achievements position us well to pass this milestone and significantly grow our business over the $500 million threshold. Rafi, do you want to add something?

No, the target of $500 million definitely is a target that we will execute. As we always said, it may take half a year, one year, two years, but it definitely depends on the market condition. Assuming the WFE growth and the demand for equipment growth, we definitely can achieve it because we maintain our market share. We increased our market share, and we haven't lost any market share yet. So in this position, it's just a matter of the semiconductor growth rate, specifically into advanced packaging and other applications where we are a leading provider.

A good position to be in indeed, Rafi, and if I could ask a follow-up to that. You're always extremely helpful on commenting on strategic matters in the business, doing a great job generating cash. We're at $520 million in cash and equivalents and $320 million in net debt. The question is, how are you thinking about inorganic growth, which you've executed well in the past? Is the team working on a funnel now? To what extent could something be actionable? Help us understand how you're thinking about inorganic avenues to grow the business. Thank you.

First of all, we maintain and we put a lot of focus on all the opportunities in organic growth. We made one acquisition, and this acquisition is also performing nicely and maintains our expectation. So this is going well. We continue working on additional acquisitions. But probably you know it's not a secret; there are not many companies in the semiconductor space available for acquisition. We continue looking for that, and hopefully, we can do something. Without considering acquisitions, we believe we can achieve the $500 million target within this year or next year, very soon. As I said, as long as the market condition remains stable, we have not seen any indication of a big crisis. All analysts are expecting the semiconductor growth by the end of the decade to reach $1 trillion, and we can definitely achieve that. We are maintaining a very good market share, and we have a very good relationship with our customers, allowing us to continue organic growth. In addition to that, hopefully, any acquisition that we execute will boost our numbers.

Thank you.

Thanks, Craig.

Next question will be from Vivek Arya from Bank of America. Vivek, please go ahead.

Hi, this is Michael Mani on for Vivek Arya. To start, I know the company has been talking about TSMC's clean room capacity constraints and how that could be a gating factor to the business in the near-term to medium-term. So on that front, has the company seen any improvement in those constraints?

So at least what I hear, I don't think there are any constraints now on our customer side to increase the capacity. I don't think this is an issue.

Any further questions? We’re just trying to get him back again. We lost him, I think. Vivek, are you still there? Vivek, you're muted.

Sorry, can you hear me?

Now, we can hear you.

Sorry, my system muted itself. Thank you for that clarification. Then for my next question, you've talked about your cost opportunity expanding to the OSATs. But as we think about the progression of CoWos and more advanced variations like CoWos-L, for example, how does that impact your opportunity? If you could tie that back specifically to where your Hawk is maybe seeing greater traction, that would be great too. Thank you.

First of all, the CoWoS-L brings us additional steps and opportunities. So from our point of view, the new variation of CoWoS is good news. This is advantageous. From the OSAT point of view, they will add capacity and they will start with a certain version and move to other versions. Some of them have their specific technologies that are similar to CoWoS. Overall, I don't think that they have any issues with competing CoWoS technologies. From what I see in the market, this is volume business, and we are shipping quite a few products to these OSATs. This is already happening; it's not something that will happen in the future. It's already happening as we speak.

Thank you. I would like to ask a quick follow-up regarding your business in China. What can we expect for your operations there this year? Are you experiencing any decline? I've heard from some of your competitors that their sales might be down by 10% to 20%. Is that a reasonable estimate for your business as well? Additionally, are you identifying more opportunities in that region, particularly as some of your competitors face export restrictions and may not be able to address certain parts of the market? Thank you.

It's very hard for me to say what we're getting new versus our peers. I can tell you that historically, our business in China was strong, and it continues to be strong. We have won very good market share with a specific customer. As Rafi alluded earlier, we have not lost any market share at any of our major customers. From that point of view, our business continues to be strong. Now Moshe, maybe you can refer to…

No, we definitely don’t see any weakness in this region at this point. The business still looks healthy in the next few quarters ahead.

Okay. Well, that will end the question-and-answer session. Before I hand back over to Rafi for his closing statements, I'd like to let everyone know that in the next few hours, we will upload the recording of the conference call to the Investor Relations section of Camtek's website at camtek.com. I would like to thank everybody for joining this call. And with that, Rafi, please put your closing statement.

Okay. I would like to extend my sincere gratitude to all of you for your continued interest in our business. Special thanks goes to our dedicated employees and outstanding management team for their tremendous performance. To our investors, I deeply appreciate your ongoing long-term support. I look forward to speaking with you again next quarter.