Thank you, Amber. Good morning, and welcome to Vishay Intertechnology's Second Quarter 2025 Earnings Conference Call. I am joined today by Joel Smejkal, our President and Chief Executive Officer; and by Dave McConnell, our Chief Financial Officer. This morning, we reported results for our second quarter. A copy of our earnings release is available in the Investor Relations section of our website at ir.vishay.com. This call is being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website. During the call, we will be referring to a slide presentation, which we also posted at ir.vishay.com. You should be aware that in today's conference call, we will be making certain forward-looking statements that discuss future events and performance. These statements are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements. For a discussion of factors that could cause results to differ, please see today's press release and Vishay's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission. We are including information in our press release and on this conference call on various GAAP and non-GAAP measures. We have included a full GAAP to non-GAAP reconciliation in our press release as well as in the presentation posted on ir.vishay.com, which we believe you will find useful when comparing our GAAP and non-GAAP results. We use non-GAAP measures because we believe they provide useful information about the operating performance of our businesses and should be considered by investors in conjunction with GAAP measures. Now, I turn the call over to President and Chief Executive Officer, Joel Smejkal.

Thank you, Peter. Good morning, everyone. Thank you for joining our second quarter 2025 conference call. I'll begin by reviewing our second quarter performance and business conditions before handing it over to Dave, who will cover the financial results for the second quarter and our guidance for the third quarter of 2025. Afterward, I'll provide an update on the strategic initiatives we're pursuing under Vishay 3.0, as part of our five-year plan. Lastly, we will be happy to address any questions you may have. In the second quarter, revenue increased by 7% sequentially to $762 million, aligning with our guidance. We saw revenue growth in both semiconductors and passives, across all our end markets, and in distribution and EMS channels, as well as in all regions. The encouraging signs we noted in the fourth quarter have solidified. The inventory correction cycle is mainly behind us, with normalized inventory levels for passives and some excess inventory still present in semiconductors. Strong order intake during the second quarter indicates ongoing demand in smart grid infrastructure projects and AI power applications. Overall, our book-to-bill ratio was positive at 1.02, with semiconductors showing a slight decrease due to some customer program adjustments, while passives continued to rise. In July, the book-to-bill ratio for semiconductors rose to 1.07. Our significant investments in capacity expansion from 2023 to 2028 under Vishay 3.0 are positioning us well. Over the past 2.5 years, we have invested around $775 million to increase our capacity for high-growth, higher-profit products. I am pleased to report that we now have the necessary capacity for nearly all products to take advantage of the early stages of this market upturn, ensuring our customers receive reliable volume as they scale and meeting the quick turn demand we are witnessing in AI and across all markets. Additionally, we have been actively pursuing growth initiatives to enhance customer relationships, re-engage previously underserved customers, and attract new clients. Through innovation and cooperation with subcontractors, our portfolio has expanded to better meet customer demands and fully capitalize on the technologies available in our portfolio. We aim to create design opportunities that enhance our market position with customers, focusing on 80% of the bill of materials in power applications. We are also advancing our silicon carbide strategy, positioning Vishay to support the emerging market upturn and participate in long-term trends in e-mobility and sustainability. Now, let’s move to a review of the end markets. Automotive revenue grew by 4% for the quarter, driven by improved demand from Tier 1 customers, modest increases in consignment pulls in the Americas, new ADAS programs launching in Europe, and higher volumes in Asia. Consignment pulls among European customers varied, with some pulling at standard rates and others adjusting their forecasts. Order intake increased in all regions over the quarter, with automotive electrification remaining a key focus for design activity, particularly for battery electric vehicles, hybrid powertrains, smart cockpits, ADAS programs, traction inverters, and onboard chargers. Revenue in the Industrial segment rose by 9% compared to the first quarter, aided by the normalization of customer and channel inventories which prompted a more forward-looking demand planning approach. This segment is benefiting from enhanced demand for smart grid infrastructure, multi-year projects, increased power requirements for AI chip production, and data center projects. For example, we secured several large orders for high-voltage DC power transmission programs this quarter. We anticipate further wins in smart grid projects as customers address the electricity demands associated with AI data centers. In the Americas, orders consistently increased over the quarter, with lead times ranging from 8 to 12 weeks, resulting in a higher percentage of turns business that we haven’t experienced in many quarters. In Europe, orders for smart grid infrastructure projects more than doubled, while in Asia, China and India are accelerating their smart grid infrastructure spending. Meanwhile, demand for factory automation projects and other industrial applications has remained flat in the Americas and Europe as companies are cautious in their capital investments. Design activity in the aerospace and defense sector increased revenue by 5% quarter-over-quarter, driven by demand for military applications, though commercial aerospace faced declines primarily due to ongoing mechanical supply issues in Europe. Our book-to-bill ratio remained above 1 in the Americas, with improvements in orders throughout the quarter, including applications related to low earth orbit satellites. With one customer, we are supplying more than 30% of the bill of materials. Distributors in Europe are also reporting book-to-bill ratios above 1 in Aerospace/Defense. Design activity is centered on Department of Defense Communication programs and low earth orbit satellite constellations, alongside next-generation warfare programs including drones and missiles. In the medical end markets, revenue grew by 4%, reflecting strong demand for implantables and measurement equipment. In the Americas, we see positive outcomes from our strategy to cross-sell Vishay technologies to customers who previously purchased only 1 or 2 of our products. Design activity is focused on applications such as defibrillators, surgical assistant systems, drug delivery, diagnostic equipment for patient monitoring, and hearing aid implants. Revenue from other segments, including computing, consumer, and telecom, increased by 9% for the sixth consecutive quarter due to rising demand linked to AI servers and server power in Asia. Similar to previous quarters, AI remains a quick turns business, with Asia’s contract manufacturers frequently placing spot orders. Order intake across countries increased between 20% to 30%. The primary design activities for computing and AI applications continue to center on power management. We are increasing the proportion of components integrated into the boards, enhancing our bill of materials position in both semiconductors and passives, enabling us to support over 80% of the components required for power applications. Additionally, we have expanded our customer base in AI and maintained design activities around AI optical modules and graphics cards. Now, let’s discuss the revenue by channel for the second quarter. Distribution revenue rose again quarter-over-quarter, serving as the strongest contributor to total revenue growth. OEM revenue remained flat compared to the first quarter, with volume increases in all regions, including a recovery in Asia following a seasonal soft first quarter, though average selling prices were slightly lower. Order intake from industrial OEMs across regions remained positive as we progressed past the inventory correction cycle and saw heightened demand for industrial power supplies and improved orders from automotive clients. EMS revenue surged by 13% compared to the first quarter, driven by rising AI and industrial demands, alongside several short-term orders in Asia related to customers wanting to ship during a tariff pause. In Europe, some regional EMS companies are adjusting their inventory levels for aerospace and defense customers, which is expected to normalize by year-end. Meanwhile, distribution revenue rose by 11%, reflecting the success of our expanded SKU count to increase Vishay product availability on shelves, thereby enhancing customer engagement. Our total distributor inventory was 27 weeks at the end of Q4 and has decreased to 23 weeks in the second quarter as more Vishay parts are being consumed at a faster pace. Point of sale increased in each region, with a 9% rise worldwide. In the Americas, POS reached its highest level since the second quarter of 2023 as end customer demand rebounds due to new program launches, expanded backlogs, and normalized inventory levels. Worldwide, point of allocation grew faster, following a 4% sequential increase in the first quarter. Turning to the geographical mix, revenue increased in every region. Asia led with a 12% increase due to strong volumes associated with AI power requirements, smart grid infrastructure projects, and automotive, recovering from a seasonally soft first quarter. The Americas saw a 7% increase due to improved automotive and industrial demand. In Europe, revenue remained essentially flat after fewer workdays in Q2 and some inventory corrections. Before transferring the call to Dave, I want to express gratitude to the Vishay employees for their hard work and contributions in transforming Vishay to 3.0. Our service level has improved, as our employees prioritize customers daily and embrace a business-minded approach in their work. Their ongoing commitment to advancing the business toward our long-term strategic and financial goals is greatly appreciated. I will now hand the call over to Dave to discuss the financial results of Q2.

Thank you, Joel. Good morning, everyone. Let's begin our review of the financial results for the second quarter, focusing on the highlights. Revenues for the second quarter reached $762 million, reflecting a 7% increase from the first quarter, which was driven by a 4% rise in volume and a 3% positive impact from foreign currency, primarily the euro. Average selling prices, including tariffs, remained stable compared to the first quarter. All business segments reported higher revenues in the first quarter, mainly due to increased volume. Compared to the second quarter of 2024, revenues rose by 3%, again reflecting a 3% volume increase and a 2% positive currency impact, mostly from the euro, although this was partly offset by a 2% decline in average selling prices. The book-to-bill ratio for the quarter was 1.02, marking the third consecutive quarter with a ratio above 1. The ratio was 0.98 for semiconductors and 1.06 for passive components. Our backlog in dollars grew to $1.2 billion, equivalent to 4.6 months of demand. Next, let's look at the income statement highlights. Gross profit was $149 million, resulting in a gross margin of 19.5%, at the upper end of our guidance. The increase from the first quarter was largely due to additional volume, with Newport's impact estimated at around 160 basis points, slightly better than projected. Depreciation expense was $53 million, aligning closely with our expectations after accounting for exchange rate effects and up $2 million from the first quarter. SG&A expenses amounted to $127 million, benefiting from an $11 million one-time gain from a favorable resolution of an outstanding issue. Without this one-time benefit, SG&A expenses would have been within our projected range for the quarter, increasing from $135 million in the first quarter, mainly due to negative exchange rate impacts. The GAAP operating margin was 2.9%, compared to 0.1% in the first quarter and 5.1% in the second quarter of 2024. The adjusted operating margin for the second quarter was 1.4%, excluding the one-time benefit. There were no GAAP adjustments in the first or second quarter of 2024. EBITDA for the quarter was $75 million with an EBITDA margin of 9.8%. Adjusted EBITDA for the quarter stood at $64 million with an adjusted EBITDA margin of 8.3%, an increase from 7.6% in the first quarter. The GAAP effective tax rate is not significant at these low levels of pretax income or loss since small items like foreign currency and repatriation taxes heavily influence it. As we return to profitability, we expect a normalized effective tax rate around our historical guidance. The GAAP EPS was $0.01 per share, compared to a loss of $0.03 in the first quarter and earnings of $0.17 per share in the second quarter of 2024. Adjusted loss per share was $0.07 for the second quarter of 2025. Turning to our cash conversion cycle metrics, our DSO remained stable at 53 days, while our DPO decreased from 34 to 32 days in the first quarter. Inventory rose to $755 million, largely due to exchange rate impacts, with inventory days slightly decreasing to 109 days. The total cash conversion cycle for the second quarter was 130 days. For the quarter, we utilized $9 million of operating cash, which included $56 million in tax payments related to cash repatriation and the final installment of the U.S. transition tax. Total capital expenditures for the quarter amounted to $65 million, with $53 million allocated for capacity expansion projects. On a trailing 12-month basis, capital intensity was 11.3%, compared to 10.5% for the same period last year. Following our strategic plan, we are continuing to invest in capacity expansion projects. Due to these investments and the taxes paid, free cash flow for the quarter was a negative $73 million, compared to negative $45 million in the first quarter. Stockholder returns for the second quarter included a $13.6 million dividend, with no shares repurchased during the quarter. The remaining $42 million of our convertible notes matured, and we financed the settlement with a cash draw from our revolver. At the quarter's end, our global cash and short-term investments totaled $479 million, and we were in a net borrowing position in the U.S. with $185 million outstanding on our revolver. We are using our U.S.-based liquidity for dividends, share repurchases, and funding our Newport expansion as planned. During the quarter, we repatriated $66 million of earnings from Israel to the U.S. to support the Newport expansion. We have $275 million available on our revolving credit facilities based on current EBITDA levels and anticipate continued use of our revolver for U.S. cash needs. Now, let's discuss our guidance. For the third quarter of 2025, we expect revenues between $775 million, plus or minus $20 million, which represents a 2% volume increase and some seasonality in Europe. Gross margin is projected to range from 19.7%, plus or minus 50 basis points, factoring in tariff impacts and anticipated higher input costs. Newport is expected to have a margin drag of approximately 160 to 185 basis points in the third quarter. As mentioned last quarter, we are generally passing on additional tariff costs to customers, so tariff adders will increase our revenues without affecting gross profit. The effects of tariffs are included in our third-quarter guidance. Depreciation expense is anticipated to be about $54 million for the third quarter and $212 million for the full year. SG&A expenses are expected to be $138 million, plus or minus $2 million for the quarter, with full-year SG&A expected to range from $540 million to $560 million, excluding the one-time benefit in the second quarter. The GAAP effective tax rate remains insignificant at low pretax income levels, but as profitability improves, we expect a normalized effective tax rate close to our historical guidance of 30% to 32%. Lastly, our policy is to return at least 70% of our free cash flow to stockholders through dividends and stock repurchases. For 2025, we anticipate negative free cash flow due to our capacity expansion efforts. We plan to maintain our dividend and repurchase shares opportunistically, depending on available U.S. liquidity in line with our policy.

All right. Thank you, Dave. Let's turn to Slide 12 for an update on the strategic levers we are pulling, as we execute our 5-year strategic plan to drive faster revenue growth, elevate profitability and enhance returns on capital. For 2025, we plan to spend between $300 million to $350 million, at least 70% of which will be invested in capital expansion projects for our high-growth product lines. During the second quarter, we continued to make progress on our semiconductor expansion projects. As our Newport wafer fab, we remain on schedule for silicon carbide preproduction in early 2026. During the second quarter, we completed the installation of all tools except one, which will be installed in the third quarter. For silicon MOSFETs, we also completed the transfer of 3 additional technologies and plan to transfer another 2 technologies in the third quarter. Finally, we released 1 automotive MOSFET while additional product qualifications are ongoing. Two large Tier 1 customers have audited the facility, and Newport received excellent scores for the facility and the processes. The next customer audit is being scheduled in early Q4. At our foundry partner in Korea, SK Keyfoundry, due to a technical issue, release dates have been pushed out 1 or 2 quarters. We now plan to release a total of 8 technologies in the fourth quarter, 4 of which are commercial, 2 are automotive grade and 2 are ICs. As a result, we now expect to meet our goal of increasing the annualized capacity for MOSFETs by 12% in the first quarter of 2026. We also expect to increase annualized capacity for our advanced split-gate MOSFETs by 25% to support new automotive and commercial opportunities in 2026. In Taiwan, we continue to advance the automotive qualification process and the volume ramp-up for commercial diodes. In Turin, Italy, the qualification of commercial diodes is on track to be completed in the third quarter, and we will expect to begin mass production in the fourth quarter. We also are on track to complete the qualification of the 1,200-volt technology in the third quarter and begin mass production in the fourth quarter. Now for passive components. At our 2 facilities in Mexico, in La Laguna and in Juárez, we continue to qualify more commercial part numbers. We are also continuing to work on automotive grade qualifications for the sites. Once the site is up to automotive standards, customers will schedule audits beginning the second half of the year. With respect to our subcontractor initiative, we added another 5 subcontractors to our roster and qualified more than 8,000 part numbers, expanding our product portfolio of diodes, resistors and inductors. As a result, we can dedicate more of our capacity to high-growth products and broaden our product portfolio to meet customer needs. Turning to innovation and our silicon carbide strategy. During the quarter, we continued to advance towards commercialization of the planar MOSFETs. The 1,200-volt planar, the 1,700-volt planar and the 650-volt planar, our 1,200-volt trench MOSFET technology and our Gen 4 diode 650-volt and 1,200-volt family. We released 3 more Gen 2 1,200-volt planar MOSFETs in Q2, bringing the total now to 4. By year-end, we plan to release an additional 16 Gen 2 1,200-volt MOSFETs for automotive and industrial applications. We remain on track to release the 1,700-volt planar MOSFET and the 650-volt planar MOSFET in the first quarter of 2026. We are also on track to have samples of the 1,200-volt trench available in the third quarter and still plan a market release in the fourth quarter. For silicon carbide diodes, we have fully released the Gen 4 1,200-volt automotive diode and the Gen 4 650-volt. We still plan to release the entire silicon carbide Gen 4 diode family with all current ratings and power packages in the second half of the year. As for our solution selling initiative, we continue to release into catalog distribution reference designs that support common applications for automotive, industrial and AI computer solutions through our e-mobility lab. Specifically, during the quarter, we released 1 reference design for 400-volt active discharge in an automotive application. We plan to release another 11 designs in the third quarter for battery management, 400-volt, 800-volt active discharge and current sensor and voltage sensor applications, among others. In closing, let's turn to Slide 13. Since the beginning of the year, we have seen some customers giving more visibility on their forward demand. Backlog is building in both semis and passives. With 9 weeks left in Q3, shippable backlog is higher than at the same point in Q2. The backlog is building at a faster rate, giving us another signal that the market appears to be turning, and we're making sure we have the right products on the distributor shelves. With market indicators directionally positive, we are preparing for a stronger second half of the year than compared to the first half. As the market upturn begins to become more firm, we work to be ready to meet customer demand in a much better position to offer competitive lead times as the backlog grows. Capacity readiness helps us to be a reliable supplier as the customer scales production, and we are able to supply more part numbers to them. Capacity readiness allows us to re-engage with inactive customers and regain their trust over time. Capacity readiness also means we are positioned to drive new customer engagement. On the technology front, we're intensifying our efforts to expand MOSFET capacity and develop new business through many avenues. Internal and external capacity expansions for front-end and back-end production are in place, plus the advancement of silicon carbide as a new product technology for Vishay. In short, we have made great progress to position Vishay to participate more fully in all market segments, in particular, the higher growth markets of smart grid, AI, aerospace/defense and hybrid automotive. Amber, we're now ready to open the call up for questions.

My first one is on the impact of the Newport fab. I think you had guided 175 to 200 bps of negative impact on gross margin for the second quarter, but the impact was just 160 bps. But then looking at the guide for fiscal 3Q, it's higher at 160 to 185. So if you can dive a little bit into details on what drove the outperformance versus your expectations for 2Q? And what is happening again in 3Q? And how should we think about this impact going forward? And when does it normalize?

Ruplu, it's Dave. That's a good question. So I think with our guidance, the 180 to 185, it's lower than we've done in the past. You're right, we were 175 to 200, and we came in at 160. They're working hard on getting the product, build wafers, and we're moving towards Q3 and Q4 starting to build inventory and start to ship product. So it's a little unknown. So we want to give ourselves a little bit of a range, okay? So 160, we're hoping we'd be at the low end of that range.

Okay. Understood. Can I ask about the MOSFET gross margins? It seems they declined 200 basis points sequentially. What caused this decline? And how should we approach gross margin improvement in that segment moving forward?

So Ruplu, another good question. So during Q2, the MOSFET segment had some manufacturing inefficiencies that have been corrected in Q3, that will show some improvement. We also will have an increase in our IC sales Q2 on Q3, which comes at a higher margin for us, which will show some improvement. We're continuing on working on expanding our AI customer list, which will help with the margin improvement towards quarter 4. So right now, the way it stands, we're hoping to exit the year 17% to 18%, excluding Newport on MOSFET.

Okay, that's helpful. Dave, I'll go for another question about the impact of U.S. tariffs. You mentioned that it would be neutral, but last quarter's slides showed that passive components could face tariffs of up to 170% and semiconductors manufactured in China could be subject to 70%. Can you explain how this works? How much of your product line is packaged in China, and what percentage comes into the U.S.? Additionally, how do tariffs affect the profit and loss statement?

Okay. Ruplu, this is Joel. I'll take this one. As far as the product percent that is manufactured in China and comes back to the U.S., in Q1, it was less than 4%, and we see about the same percentage in Q2 and Q3. It's a small percent. Semiconductors and passives are similar, but it's a small percent of our overall revenue that comes back to the U.S. that's manufactured in China.

Okay. All right. Let me ask you one final question, and then, I'll pass on the line. Joel, in this environment, how are you thinking about the possibility of inorganic growth M&A? And if you were to think about that, would that be in the passive side or active side? And what are some of the things that would be attractive?

Okay. We always keep our eyes out for M&A opportunities. Semiconductor side, for sure, is something we look at. We look at ways to increase our presence at customers, so semis for sure. Passives, recently, we had the acquisition of a small inrush current limiting company, Ametherm. We brought them on board because it did fill a gap in our portfolio, and that is developing. We also look at other passives, which could be vertical. They could be vertical acquisitions to help us with manufacturing materials or it could be with customers. So we do keep our eyes open. We haven't moved away from that. I think we've done a good number of acquisitions in the first 2.5 years of Vishay 3.0, and we continue to have that as a strategy.

Mentioned about getting more visibility in Q3 and your backlog is building faster and the market appears to turn. And so you guys are prepping for a stronger second half of the year. But if I look at some of your seasonal trends for the December quarter, it's typically down low single digits. So I can still get to a half-on-half growth. But I'm just wondering if we should be expecting more of an above seasonal trend into the December quarter.

Okay. We like what we're seeing. It's definitely different than the last 2 years. As we look into the second half of the year, the backlog is building at a greater rate than we have seen previously. The second half, Q3, you see our guide up slightly. Also considering that Europe has some shutdowns in August, so August is a slower month. So we still feel we can guide up in Q3. Q4, the way the backlog is building, at this point, we see that Q4 can be better than Q3.

Perfect. Okay. That's helpful. And then just on your end markets, we've been hearing a lot of mixed signals across your peers, some saying things are good and refilling, some are talking about pull forward. Maybe you can just provide some color on your customer base and whether you're seeing any pull forward of demand or maybe this is just refilling channel? Maybe any color on that would be helpful.

Okay. I think what's interesting about the climate we're in, the customers as far as planning their demand are still not so forward-looking. If we look at Asia, 55% of our orders seem to be for quick delivery. We talked about this in previous quarters as well. So even though we say the inventory is normalized, the safety net, I think the customers still think there's product out there that's quick to grab. It's not. And we're manufacturing quickly. We talk about turns, orders in the quarter. We're able to take an order and turn it in the quarter. So I don't necessarily call that pull-ins. I just think that's the state of the business that we're in is this transition from an inventory-heavy market to customers looking at their demands as they have to build and trying to now find products. The inventory at distributors, we've seen our inventory go down. We talked about that to go from 27 weeks at the end of 2024 down to 23 weeks. So we're seeing good pull-through with distribution. Automotive, the outlook we see for the second half with the scheduled agreements from customers shows better than the first half. Aerospace/Defense, Defense contractors speak about funding that's coming. So they say a stronger second half with likely orders in Q4. AI is a nice trajectory that moves up positively at a nice slope. And industrial smart grid, we see continued orders each quarter as governments release funding to redesign their electrical transmission lines. So that's positive in Asia, that's positive in Europe and also positive in the Americas. So there is always the conversation about pull-ins, pull-ins to get ahead of tariffs. But I don't think that's the main driver here for us. I think these 4 application opportunities in those segments I talked about are really what's driving us forward.

Okay. That's good color. It's nice to hear that you guys added more AI customers. I'm not sure if you guys can provide any color on what your revenue number is for your AI data centers. If not, maybe you can give us some metrics on customer diversity? And then, more importantly, how are you thinking about expanding applications into like second stage or PSU for the AI data center going forward?

Okay. The customer count is definitely growing. The big 4 that you always hear about, the Microsoft, the Meta, the Google, Apple, those are great design conversations. If you look at EMS, there's EMS that's also involved in the design, not just the manufacture of AI, but also the design. So our customer count has developed significantly. There's good engineering content. As we sit with customers, we speak about more than MOSFETs. We speak about more than ICs. We talk about capacitors, inductors as well as resistors. So we have the broadest portfolio, and we're able to support that. So it's really about expanding the part count as well as the customer count. So we believe we have 2 ways to do this, not just selling 1 technology or 2. We've got multiple, as we sit with the engineers and design in. So we're positive on AI in how Vishay can continue to participate with greater revenue.

Perfect. One more question, if I may. I think in your prepared remarks, you talked about in your semi business, some slipping of customer program. Maybe if you can provide some color on what that is.

We were on the GB300. The original design, if you remember, it was called Cordelia, which had the chipset design that was going to snap into the board. That design changed. They went to a new design called Bianca, which is no longer using that connector snap-in connection. So we were in a strong position with that first design concept. The orders that we were planning for P6 and P7 have been adjusted because the design change to Bianca. And now we're working on the design side to make sure we're on that program. Thank you, Amber. Thank you, everyone, for joining us for our second quarter earnings conference call. We're making great progress to participate more fully in the market upturn, capacity ready and reliable supply to our customers and to be aligned for the market growth drivers that we've spoken about in AI, smart grid infrastructure, aerospace, defense and automotive. We look forward to reporting our third quarter results to you in November. Thank you very much, and enjoy the rest of your summer.

Our first question comes from Ruplu Bhattacharya of Bank of America. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.