But we apply our cash flow across three priorities. First, investing in organic growth and innovation, phosphorus, as I talked to you a little bit about some of the seeds that we're planting, but phosphorus and blue and other next-generation OLED technologies is our primary focus. We continue to look at, pursue any high-return strategic opportunities that may align with our long-term growth strategy. It's we've not been an acquisitive company, but we look. And third, returning capital to shareholders through dividends and more recently share repurchases. So we've been we've been. We initiated our dividend in 2017 and we've continually increased our dividend every year. And on the share repurchase side, we announced $100 million authorization in April of 2025, which was fully utilized through the first quarter of this year. And then in April of this year, 2026, we announced a new $400 million authorization. And we believe this authorization reflects our confidence in the long-term growth trajectory of OLED, the strength of our business, and our ability to continue creating shareholder value and generating cash flow. The strength of our balance sheet and cash generation will give us a flexibility to both invest for future growth while also returning meaningful capital to shareholders.

We are getting one question from the audience.

Since Summer Sprout has been shipping a green phosphorescent emitter in China for a few years, how does your ex-China IP differ from your IP within China, and would you defend your monopoly in phosphorescent emitters outside of China? um we we believe that it's very important to defend our ip uh china the person that's asking the question the within china market is a little bit different than the outside of china market um so you know defending our ip defending our ip across the board is very important uh defending the IP outside of China is

a very important thing for us to be And the final question, if we sit down at the conference a year from now, what do you expect will have mattered most, and what is the biggest about the display you would like to clear?

Fair enough. I think the biggest factor is whether and when the industry transitions from today's cautious demand environment into the next phase of old adoption. I think the infrastructure is there. The ability is there. It's really, you know, our consumers, are the products going to be out there? Are consumers going to buy it? And right now, consumers are pretty cautious. So will that transition into the next phase of old adoptions? options. Now, the macroeconomic factors are not something that we can influence very much, but we can do is we can control continuing to invest in innovation, make sure we continue to meet our customers' needs, meet and exceed our customers' needs and requirements, and position ourselves for long-term growth. The biggest misperception is right now, I think you just asked the capital allocation question. We're a very strong company. We have generated a lot of cash. We have an extremely strong position in the Olin ecosystem. We're going to have that position for the foreseeable future. I think people are a little focused on when's blue coming. It's like, okay, well, when blue comes, and it will come, then our company will grow faster. But we're still continuing to grow. We grow a little bit less than the industry growth rates. When blue comes, or maybe tandem, we can grow in excess of the company growth rates. But I think the overemphasis on blue, I don't say blinded, but people didn't realize how strong a company we are. And part of the capital allocation questions, I think, go to that issue.

Got it. With that, it concludes today's presentation. Thanks again, Steve, for your time and insight today. Thanks, everyone, for attending.

Thanks, Martin. It was my pleasure.