Lattice Semiconductor (LSCC) 31 Jul 232023 Q2 Earnings call transcript

Greetings. Welcome Lattice Semiconductor Second Quarter 2023 Earnings Call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator instructions]. is conference this note, being recorded. Please

now Rick Muscha, will turn Relations. the host your to over Senior conference I Director Investor of

You may begin.

are CFO. Thank With and good and and Jim today CEO; Lattice's you, President Anderson, Luther, afternoon, Sherri Lattice's operator, me everyone.

a XXXX. business review provide of second of the for and business the and outlook financial third will the quarter We XXXX quarter of

Relations can website a have of our Investor it not in release, company our obtained copy at be you at If press found latticesemi.com. section the earnings

available you I to actual call We the and statements everyone differ forward-looking during today, materially. you or the may of to SEC, and that we future caution other to XX-Qs performance the that then company based are including regarding would is such or the predictions files refer results remind like X-Ks. wish our company. future financial that on documents may the conference make statements information We events XX-Ks, with our currently that projections

as communicate such at a after documents could If a will press constitutes updates any we or of to for cause risk XXXX. those intend statements. the factors company's such forum or This quarter and changes guidance this third contain the that call release any announced call, contained time forward-looking to we material official that results materially guidance, from includes differ using important call. the conference actual this be public publicly done and These our in projections identify

further management financial additional investors intends underlying company's disclosing primarily call. non-GAAP We information analysis information, By performance the with non-GAAP to and this provide during of trends. refer will to permit measures to certain

section we non-GAAP that our to reconciliations of provided financial Relations website on found financial For measures measures the latticesemi.com. at these Investor periods, historical can be GAAP of

our Let over Jim turn CEO. me the call Anderson, to now

of period. we're our We're XXXX, you continue year-over-year net same expansion strong thank forward excited growing XX% largest but revenue as in with joining pleased history. half during about XX% half and results, increasing us delivered first We've the company's first and everyone results the our drive more the call portfolio Rick, with product today. first half for you, to the non-GAAP Thank in on the path we moving income even

touch me and record XX% increased We few of QX XXX XX% growth to year-over-year. growth our income non-GAAP a year-over-year. by margin Let year-over-year QX XXth expanded also non-GAAP was on of net QX quarter achieved highlights. basis with consecutive growth. points XX.X% record revenue We gross a sequential in

of sequential our down Let partially by growth was me and tubers end X% computing for provide which now basis. communications year-over-year sequentially computing XX% The market sequential demand decline a revenue infrastructure we center artificial and applications, a the In in was softer an market. was offset due primarily overview saw to on down in such business strong end market, used as intelligence. data where by in demand applications communications

automotive Turning increased was year-over-year. market. XX% and the sequentially now Revenue up to and X% industrial

such systems. applications, robotics as and automation ADAS multiple automotive as as was Our infotainment strong industrial across growth and well

continue in growth product our drive to sustained we We to is well portfolio long-term deliver this segment robust and positioned believe growth.

driving expansion the and At continues expansion company's some and provide of product the to roadmap we which Analyst now portfolio detailed revenue in for history, I'll Lattice. rapid product in highlights. largest our our new broad Investor Day create the We're streams May, portfolio.

mid next platform, of launched with Nexus and of We've based revenue we date before on from range Lattice device five year device continuing the launched end generate customers. this with in following this of platform, and end the our continue year, with production into those the families at new family ramping to the to family to revenue to six device last and first our year expect years. On ramp the families FPGA Avant

on track the at in offerings new Conference we expand QX. Lattice addition, Developers our In two to device Avant planned further remain Avant platform families launch with of the

our now portfolio. Turning software to

component is to strategy, our it's applications. of and Software of customers. Drive, We've of software customer adoption We portfolio Lattice software we targeted part application stack of software important and multi-generational recently sixth automotive launched how solutions. solution a for stickiness is our a for of adoption long-term enables a our which built drives accelerates electronics which our is We variety stacks, specific at faster solution key and enable customers. an time customer market our our believe

with Overall, we expansion that be it's momentum customer the to and pleased portfolio continue our of execution generating.

the not While for industry, impacting be expansion. believe any we well-positioned to certainly to continues immune growth challenges long-term macroeconomic and Lattice we're

now over CFO, the to I'll turn Luther. Sherri our call

Thank you, Jim.

returned consecutive results double-digit We fully deliver growth, and free flow, to debt. are our pleased QX subsequent QX, revenue with our capital strong to through XXth shareholders financial generated share buybacks quarter to have gross off we and continue our cash in as We profitability. record paid of margin

our a provide summary now of results. me Let

in record computing. million, quarter the year-over-year. the XXth sequential and was XX% sequentially sequential Second QX and communications growth. consecutive Both automotive revenue decline quarter was offset X% a up quarter up and and year-over-year revenue revenue in $XXX.X revenue industrial of first from growth the

compared driven and to gross XX.X% in and year-over-year record QX sequential basis XXX quarter up margin the on continued non-GAAP our gross was a increases the prior execution consistent in margin margin basis. Our year-over-year a points be the to by strategy. gross Both basis increased on XX points expansion

product quarter demand year million quarter. expenses increased the and R&D to SG&A in compared in our Both million ago in continue sequentially Non-GAAP as we make roadmap investments and in operating expenses were the prior $XX well as $XX million $XX.X as to creation.

XX% year operating basis XXX margin Our quarter. compared to points non-GAAP the QX up was was ago and in

in the margin revenue our XX% and QX growth. year $X.XX faster will to Lattice's earnings ago drive represents that growth balance is per revenue quarter. $X.XX continue operating was This We share than with compared long-term diluted investments year-over-year growth.

Driving cash XX% of continues generation repurchasing be quarter stock XXth flow and In generated million to area consecutive repurchase in share returned focus of our XXX,XXX to capital for by margin a company. key the the flow $XX strong a our program. in or shareholders QX, we cash shares free

million with now also QX, in Subsequent QX, to debt, down paid we and in the ended off quarter free. $XXX million During cash. outstanding $XX debt. of is We $XX we remaining the paid company million the debt

$XXX outlook or on basis. expected quarter. for Let to operating me and non-GAAP non-GAAP be expected Total a Gross to margin third of now the be $XX million and are X% for a our XXXX on third to expenses between quarter third Revenue for million quarter the million between million. is $XXX basis. plus minus the be XX.X%, expected is review $XX

and I driving remain financial results growth am further with revenue execution. focused closing, impacting expansion. pleased and Despite industry, continued we macroeconomic on In the our continuing the profit challenges

call Operator, now open can we for the questions.

[Operator this you. Thank time, At question-and-answer we Instructions] will a conducting session. be

Pajjuri Our from Raymond line questions. with of your proceed Please Srini first comes James. with question the

next very Thank you. growth, for guiding my you're one basis. Thanks quarter growth a for double-digit year-on-year taking for and question. on strong a quarter again first you. XX% with Jim, Obviously,

through the somewhat peers of terms of we few might end in can next about second and strength talk curious, macro be where quarters, the, about of seeing where continued your you potential I just in Some a look you half. slowdown guess, have slowdown you're your talked as I'm markets?

for Yeah. Srini. the Thanks question,

-- this all, fact growth, that strong growth, performance. year-over-year of of of that with with First results look of pleased the in industry broader now pleased really the first relative the really first to relative we kind the at half had If year. couple we've to overall a of plus half, semiconductor XX% years

guidance, midpoint guided at up So, sequentially you for pleased our with half. if we of the first And look the QX.

XX if is of just if begun and it look or look half, first, wins, a streams from months. have you growth think coming growth really new production first new source last, the market XX customer vast -- is to I majority in that where say, initiated that what's I revenue design at the that of at from within perspective, the

really growth ramping. that they're streams by fresh in multiple that look early to those and we at growth streams revenue positive Industrial for segment And center kind content good servers, So, equipment. networking automotive The automation, electronics, us. in of underpinned like has their and robotics. be performer Growth cycle continued been industrial, that a are really or in different expansion data revenue vectors, life and things

just are a examples. those so, And few

vectors So, we're that of going a so and frankly, and it But product and of growth many then can we look product positioned feel the cycles terms of at well positioned through in. just we're new also, the the kind you from we're freshness drivers. in perspective, revenue

we've had the at have first look today, the history. it's strongest portfolio we the If portfolio you product company's just in

we're the I expansion our our And biggest product the think too. say of same. would then middle portfolio customers in in history,

product multiple now five ramping. got in So, new FPGA. perspective, Nexus cycle production platform also different we've We're a product our an families that Nexus, are and small device as on example, have for newest Nexus based from drivers.

to that all go believe, ahead us. into multiple production that We revenue have ramp, of Nexus is mid-range come. FPGA and six will come that year. our to platform, More we launched to years ramp we've new that's roadmap. then on that that's for continue -- will revenue next -- And Avant, the still

the specific continue product to position market well-positioned but in would So, over that the growth grow not we we the to long-term. feel growth feel to for terms drivers. good of feel immune over market everybody Lattice the any from ability a like Certainly our just fluctuations. given We both end else, long-term and

for the you new products, you at in Thank that guess, look then, I particular, mid-range Jim. your products, Great. answer. And Avant as

XX launched about You which ramping, the of months. to new the talked XX in products last were some

how product, talked curious you're somewhat Avant where the And the revenue about a Just I you the longer, similar? most if Are this you design terms of can the about with year. that compare cycles potentially designs little traction Avant. some seeing in think Avant talk Nexus generating also cycles

markets about talk you can revenue end you if So, the from. expect which

Srini. Thanks Yeah.

cycles, look terms say, a reaches of of to So, very when to design from the First similar to at it in the we that is on the be timing all, design design cycles of the the are timing similar. in Avant production, of revenue when, very one standpoint, design the right? Nexus

Nexus, than Avant company's the higher average higher than are today. about the ASPs if Avant look XX are ASPs of significantly at you times Now ASP XX to of different.

similar in time of So, terms to significantly better revenue. but ASPs, times cycle

pipeline. we just family last the in also pleased the we part launched that then of end around win the question of second of really we're And growth design of Avant, at based launched When device platform Avant-E. platform year, on first on continued your Avant the traction in the Avant with that

of would end this year, the to We be and an year. before the the of this for Avant-E first expect to before important revenue and continue to revenue generate beyond. continue year but amount then us of for it end this small ramp It first next to into year it's will begin revenue a milestone

And based QX of then announced device those additional we this year. also remember two conference, launch Day, would launch, year later we at Avant Investor our which will this that is and Analyst also developers expect and our for we at families on scheduled

feel yeah, product good date closer really launches share that QX. get certainly -- We'll Avant Avant we we about and and more launch G progress to next stay those with in So, X about tuned.

all Thank you. have. I That's

Benchmark Our question. question with Williams David of with proceed line comes the Company. next your from Please

of and questions, stability my question, taking congrats on for Thanks here. execution I first the Sherri. guess afternoon. good my Hey,

congratulations about thinking for leverage being structure this of down how the forward. your capital kind changes curious approach debt free. And and But if the think debt going road. maybe I'm the on to appetite we should payoff Just about your

question. Yeah. David, for you, Thank the

are that sitting here our We we sheet. zero really outstanding debt pleased in have balance on QX that

that the did for free noted really due it's to XX% flow. debt we end free the the quarter. we with remarks, payoff strength the that really the I'm debt had cash we balance I in my remaining our balance. As were to strength sheet. We flow payoff And to pleased subsequent there had QX, able on prepared cash our of of

to number allocation is priority us continues a priority that perspective, one a product demand be capital and roadmap as in us. well From investing our for for as long-term creation so

and been in can see that in with that You investments areas, that can portfolio those of rapid see P&L. product our our we've expansion making you the the

to returning million The you we a buybacks, of that repurchased areas focus our really executed allocation QX, from $XX in on stock. on XXth capital other our we is consecutive see And shareholders. quarter in where perspective that we share

on outstanding still free with the a focus continue but of the best we'll that and on We and evaluating pleased $XXX expires the basis. another end really flow have this we're so, to And do that. use Board million of cash on authorization, at quarterly year, cash and

color, Jim, give some seeing a like robotics. Sherri. you're slower color in Industrial maybe last Thanks on yours the Thank take in automotive/industrial you some where could strong. you're undercurrents there. -- it you. Maybe just like question. industrial/automation specifically. segment or here Great. Maybe, the the kind the It a about bit segment just for is But specifically. Industrial a if sounds what around talked and seems there's put is And maybe just the to more thing But seeing little around you pretty are of what little curious,

Thanks Yeah. Yeah. David.

industrial in Again, include ADAS and that's around We as there the automotive. robotics, yeah, see automotive, in around we good industrial and industrial, infotainment And well, automotive healthy to I'll in both continue see primarily and demand good continue automation, electronics, systems. there. it's really to strength industrial

you Again, really about in which that is those lot ramping. streams, are those And I'll revenue said the that are for lifetime what still I wins, design if the streams. seen think fresh revenue of emphasize a vast of of new lifetime revenue majority we've streams new earlier, we're us, driving revenue growth those streams

growth segment, certainly the So, good long-term. continued we that in about feel over

view key Investor automotive over growth in one long-term, in We industrial highlighted to continue Analyst of we as Day and back the May. areas and our as

Company. from Please your with with Cowen comes question question. proceed Ramsay next TD line our & Matt of And the

you much. to last the industrial afternoon, lead strong a comms little -- bit I very ask hearing mean, quarters. little been bit about obviously, Jim, potentially super We've and Thank guys. coming wanted I about a the Good businesses, in. times over few

quarters trends times segment, of in the seen maybe over the how your customer that Thanks. of you results channel us demand, industrial level you're last end if just in -- couple business, of given business, set sort on and and the lead next couple as how particularly So, well, could you're comms you've thinking the massive the about in in quarters. that seeing

Matt. Yeah. Thanks

clarify. times, In to you're lead times, terms about just of general, think Lattice asking in lead I

we're more before ahead And chain sort supply normal certainly if lead view so, talk about we with I would closer lead pre-pandemic return times, times, that of our Lattice lead as normal seeing we what -- lead crunch times consistent to supply times saw. chain to that

customers, just we And continue lead so, distributors view see positive. normalize, as That's which we times very to yeah, as positive our for well. our

about lead yeah, think so, normalize. And times continuing I to

I flat segment segment, up demand. of Industrial look QX Automotive sequentially up the QX, to guide. at QX to would Industrial the overall we In guidance, we we mentioned, we if QX guided as from continue the our sequential midpoint just growth our at consistent sequentially and you I If look expect to see -- be or and with good guidance, to

now softness QX, saw communications, in some XG in specifically softness end wireline spending I We related capital comms communications infrastructure, slower And and think, well some we in as around then, et I wireless. buildout, cetera. market mentioned see you to, think did

centers. saw bit chips revenue we servers pickup decline we go from and to was but our that a partially that sequential servers, QX into offset data segment, for little QX So, a going Communications in by that demand in Computing saw into -- of

the kind are QX takes those puts saw So, the timeframe. of that some and we of in

additional So hopefully, we're market. by just that's kind what a color end of little seeing bit of on

I Thanks appreciate it. Jim.

when that contribute Nexus And ASPs I you relative might might to know, the and this for bit. at you kind you when year in really guys attach be As ask getting months, over investor revenue what don't ago? to your into software expected mean Avant might get product helpful. Avant would expect to I what Any us enough there and as you trending And close revenue pipeline my guys. rates have really, to attach were insight are XX have of a that software info next, And meeting. you point the we're at starts little give follow-up, how Thanks, for what out to XX, Avant's a wanted is about what attach pipeline? seeing rates the you to the rolling over launched just you towards and look for bit really you almost software a

pre-Nexus Yeah. the Nexus very Thanks Matt. products. I we're say would on is software to of some Avant what our attach on similar even and seeing

over now for stacks our selects As in we Lattice software of with And stacks, different that's a silicon, to multigenerational silicon when a meaning we attach, just solution the it now the software solution now revenue solutions over adopt that had of we Lattice using of market shared customers. silicon. and to that stickiness. up And reminder, and or are XX% seeing piece customers new as software stack on speeds customer then prior, launched, the we're creates around are our one a conjunction have they're Drive with time solutions stack XX%, top just making time quickly, those six solutions also get easy to -- really

And that or infrastructure a those same to we've they leverage sure to adopt can on, customers well. that software Avant also on -- devices Nexus that tried device, software that as say, to solutions that software make software

over Automotive/Electronics that we new In would general, And so, Lattice would on we're solution time, continue over as like especially stacks introduce seeing Avant rate see adoption for that the adoption be increase which what we similar just introduced time, segment. we expect we rates on to Nexus. to Drive,

[Operator Instructions]

the your comes with Gerra Please Baird. of next question Our Tristan line question. from with proceed

on in companies you spending. was some view at of redirected of couple center last afternoon. will expense was spending side the towards other that more mentioning What a beneficiary yourself scale? the the benefit based AI, actually opposed data Good as that GPU Do had the trend? traditional the reason week a Hi. of of be increase data as being you board of center why and We've to will how the

Yeah. Thanks Tristan.

did used servers optimized servers QX, workloads. in an all, in for So, more in are first uptick servers of artificial for intelligence are centers, see in purpose products that that or we data either general

are AI nice let's not, if a content, we of when in say, let's servers, the more QX. cases, that So content. have general that level in about optimized the optimized that I versus we for saw in of servers general, was AI some think positive higher we we at servers look purpose it, levels But same call workloads, on usually, sign have

So, we long-term, tremendous net of data center, benefit that amount view we us. Lattice believe as over a into compute that view it AI industry positive the that a net And cycles for well. we for the as and drive just will as certainly, the the

in And server beginning then this step at dollars in about -- just we generation. talked fact, that ramp, to as a new of that's generation in we've about have of up the talked Investor past, we the in content -- a Day in May, per reminder the in this the last is significant servers and on that new

dollars So for as new and each this next into as a higher the generation of of us tailwind server. a through we enjoy ramps certainly that's second year half of content for level that year,

looking at on MCUs specifically for Thanks type my of would your edge? trend see AI at terms And network, and product of with starting at pipeline neural this Where be the then companies should year, the edge playing we follow-up, launching AI in later Great. capabilities. the we're that color. be that for native to

cases, -- we the feel portfolio specifically feel applications, is at naturally instance, to of product FPGAs. general, efficiently in for most to can edge workloads edge the type really computing inference and of if are Lattice being in to, generally, at terms inference support you mapped good really often at in algorithms, with continue the able our FPGAs because edge, workloads network. well-positioned a look be on particular, which are Yeah. for match We in those AI parallel of AI workloads some those they

a customized program You FPGA particular for Lattice AI your your basically as processor algorithm. can

different our pretty are of those performance And so, right? watt great those really applications there's performance, lot a of algorithms algorithms Lattice can a on A FPGA inference customers evolving constant a especially provide on basis. basis. And are where per number evolving,

It simply your to is of over changes And as for so, the proofing big your level inference algorithm new some ability provides time. future FPGA your updated reprogram a benefit. algorithm

tried sure And us to make also support software good then, that have we've customers from our as well.

solution stacks continue senseAI good first designing software around software computing, And intelligence edge is built of that we've our like into to the so software are And edge, we that launched, supporting applications. senseAI actually artificial our adoption for customers stack see specifically products we that and their that stack.

feel processing continued So, the at from well-positioned to yeah, intelligence edge. in we really benefit growth artificial

Thank Great. very you much.

from Our line Christopher question. next Please with Rolland question proceed with Susquehanna. comes your the of

say Hey, the kind My XG. think our guys. for question quickly, look congrats question And Jim, I some were weakness like results. around of Things, in Ericsson out. quarter. slowing going mentioned all was first and Nokia, it, they're the XG Thanks the is you on checks guys to and around be What us as related, bucket? can into of thing I you the what exposed kind fall know of related? there. of this first XG are kind update comms to percent I telco compute guess, might of you infra. all, same

we just these growth weakness tell while, can if this? us negative might headwinds this Perhaps in because the you be. see a would year-over-year Thanks. last for then, of here And continued area? Would you have impact what a for while

Thanks question, Chris. Yeah. the for

I as definitely remarks, at if QX, see look did segment. -- in Communications sequentially and communications our the QX softness Computing part yeah, So, to prepared of from the we mentioned we in

and wireline both wireless. For us, communications is

in well in other telco related softness wireline spending as related that's think seeing I see wireless infrastructure. are out. build market infrastructure softness companies into of both definitely XG terms as did end capital that And infrastructure we So, to

separate into comms break of content In majority account the terms does as that growth sub-segment, but segment. smaller to be of the segment the of grown and We of given for? comps Computing compute and second a our what has of servers. part question, time, portion out don't especially over some that comms of that percentage your in

is comms that. a smaller so, portion And of

in from overall And flat quarter current of kind computing QX, QX comms guide and be look But to of sequentially quarter. the QX, to we to that we in, up. we're we the expect terms at current outlook, only if sequentially would

I see.

Okay.

So, well. I would means for guess have bigger that actually consumer question down quarter next AI. probably But I as be around a

So, content in your mentioned looks do like some you there. card, GPU have presentation, you the

attach mentioned know You But power some additional if see what control content a you attach it's bit you more rate? What than one. this reporting rate moving What be is server, think here you opportunity the going meaningful is more a and throttling. potentially little forward? And applications to do is needle going do Would could you be the love in really, is? to this also, think about addressing. here? the Like

benefit server driver Chris. the space center a net see is believe time. in we do us Thanks for do Yeah. AI data -- over We

at when of it, usually see optimized earlier, in the we servers the and are artificial optimized servers more levels of level same we general content workloads, server. As or sometimes intelligence purpose mentioned about I for content higher call AI look that I'll then

as that Now there's different lot purpose are as for configurations, well optimized general AI. of a both servers

per increasing the in we the yeah, terms see higher the optimized increasing AI long-term, additional not that I servers servers, to that ability think is in in grow applies content. And servers, we're servers, continue per certainly levels to And seeing capabilities, if see we're we've servers but we AI out are equal bringing of purpose of shared optimized content of over servers that greater or even our optimized functionality past attach drive what those we ability in on to AI to as those to those continued that's opportunity general, and that in in dollars the And look to ramping. actually of rate, dollars new also just but server. than opportunity of content But generation server. our then an general of levels

We significant of in a that step-up generation have newer in content servers.

guys. Thanks so much,

Instructions] [Operator

comes question Stifel line Nicolaus. question. next your Please of with Our from Ruben proceed Roy the with

there'd question the Hi, Jim. was Yes. about I the Thank around kind of asked think is now, Lattice device. right, cetera. awareness, et think the I be much et revisit, when I'm Nexus cetera. you versus is a activity, thinking much you. different first that way customer to would on launched it design company right awareness, I I Avant And first more wanted say, would your

can activity talk months Nexus are out those so you Avant-E compare And activity? you being six up? into design how lining design about saw you how versus Can there

Yeah. Absolutely.

by that. larger in launch, you And in really from and time the than same we're at look kind point launching we if of -- the significantly if six, about compare so same it win from pleased and So, to at being the think point if last is relative months Nexus year the time, of design you opportunity Avant end seven Nexus. Avant launch, for

our market. get the that the really family to to we're by we're in And But are device excited positive yeah, bringing think terms to of a Avant-E revenue. pleased view really really sign. customers Avant also to products I generate they're that certainly seeing what start first we as

of X We the and really year, bit a Avant expect bring that to end revenue to market excited G developers QX. year. in mentioned to next before then obviously, earlier, I to of start that at conference and little the as this And more launch contributor generate significant also

Avant of and the really continued would overall, buildout yeah, So, with customers I the with the progress pleased the portfolio. say,

a follow-up. And Jim. it, Appreciate quick

pricing environment. on Just general

So, as maybe environment pricing in and the this out for end quarter backlog in backdrop higher about and and obviously, Avant's much and the it time see Nexus there distribution, out maybe you lead through forward terms can But ASPs. you coming of the sort going of of pre-Nexus year? talk products

for Certainly. durable. very very I the We Yeah. stable. us is pricing our environment call pricing would believe

been our, have pricing we're -- I that. in doing fifth optimization now We our for guess, of doing year

of Part the kicked of beginning that expansion strategy, was optimization. XXXX, of off that part we As gross pricing margin our strategy. at

built pricing the our correctly yeah, deliver we've really pricing is good very that we're muscle we And sure the the so five believe and over the internal last we making market, pricing products value durable. that years, around market. And for four, in our processes to

one higher that portfolio, those the is capacity, widen out then come portfolio are higher thing with the higher build And that's capacity, the as as newer over add certainly, those going devices new on with products as ASPs. capability, higher time higher product we we capability, we

we market. And over that ASPs devices higher our capability as believe steadily increase we so, to and continue continue we've seen will to time, higher capacity, bring

do expect ASP trend that So, over to to time. up we continue

Thanks Jim. Great.

And of call CEO, I'll we to turn back Anderson, question-and-answer end And have reached for the session. the remarks. Jim closing over the

you, us continued All our execution in while the today. ahead for first on and strong Thank everybody and for and we're opportunities the right. the Lattice. in biggest we company's the certainly Certainly continue being half history with on pleased execute to expansion with about excited the thanks operator results product call portfolio

Operator, that call. concludes today's

you participation. concludes time. you your this And your today's lines conference, at this Thank may disconnect and for