Marvell Technology, Inc. (MRVL) Earnings Call Transcript & Summary

Hello. Good morning, good afternoon, and good evening, everyone. Welcome back. This is Vivek Arya from Bank of America's Semiconductor team. Absolutely delighted and honored to have Matt Murphy, President and CEO; and Ashish Saran, Head of IR, from Marvell Technologies, join us fresh off a very strong set of results in the recent earnings call. So welcome to both. And maybe, Matt, as a start, perhaps give us a quick snapshot of a very few busy weeks for Marvell during earnings. So just give us a State of the Union, how are you feeling from a demand and supply perspective? And maybe a quick snapshot of results that you recently reported.

Excellent. Great. Thanks, Vivek, and really appreciate the opportunity to participate in the call today. So hello, everyone, on the phone and who's dialed in. It's great to be here. And I appreciate the comments, Vivek. We announced our earnings last Thursday, and maybe I'll frame that -- the outlook for the results and outlook first and then answer your question about the supply and demand dynamics because it truly is a fluid situation. But overall, company's doing well. We've been extremely productive even with shelter-in-place. And I think that was evident in our Q1 earnings and Q2 outlook. For Q1, we did come in above the midpoint of our guidance. It was fairly murky when we did the guide, it was a little bit later than most, given where our quarter lands versus a lot of the other semi peers. We had anticipated about a 5% impact from COVID-19 related issues, and we were able to overcome a bunch of it. And in fact, in our networking business, we overdelivered, which was great to see. Demand was strong, and also our operations team was able to, despite all the issues, delivered to the customer needs. We saw some impact in storage, which I'll come back to in a minute, and that was more related to not so much our supply chain issues, although there was a little bit of that, but more related to the -- our end customers and their exposure to countries with shelter in place. So the net result though was revenue above the midpoint of guidance, and we were very happy as well with the OpEx controls we had put in place and just the way we're managing the company. And the team delivered a great result, which was $300 million in spending, which, as many investors know, is what we had communicated would be our exiting fiscal '21 run rate after synergies were achieved from the Aquantia and Avera acquisitions. And so we were able to get that done earlier, and as a result, we actually came in with earnings per share above the high end of our guidance range. And then I think also of note was the $694 million we delivered. If you strip out the moving pieces on Wi-Fi, which we had divested in Q4, actually, we showed sequential flat revenue growth, which is normally at a regular environment, seasonally a down quarter, our Q1 over Q4. So that was positive. And then we guided up for Q2. And basically, we expect networking to continue to grow, although not at the double-digit kind of plus rate that we saw in the first quarter, but still continue. And then even looking after Q3, continue to go forward. And then storage, we expect to come back as well pretty strongly in Q2 just because, as I mentioned, particularly in the hard drive area, there were a number of supply chain-related impacts that affected our customers. So the overall picture is we're hopeful that if there's not any additional outbreaks, that governments are reopening and countries that had seen impacts are now getting factories back to work. I mean going way back when, which seems like forever ago, but it was only a month ago, when China first felt the impact, there was a lot of uncertainty there, and of course they came back first. And so if all goes well, we'll get -- all of our customers will be back up and running. Our operations are running fairly smoothly. And I think the bigger backdrop, Vivek, is that the demand environment for our products has been particularly strong, not only due to work from home and distance learning and all the key trends that are giving a positive uplift to a variety of players in the semiconductor ecosystem as well as our customers, but also our own unique growth drivers that were really borne out of our strategy developed over the last 4 years. So this wasn't like an accident that we stumbled into this concept that a data-centric world was going to be very important, and that we would want to be one of the key companies to supply that technology. And so when you look at our outlook, and I'll pause after this, we've got 5G, which now actually saw growth into Q1 and then a very strong ramp we're expecting in Q2 and Q3. Our cloud story has really come together, and we spent some time on the earnings call discussing that, but that was a labor of love over the last few years, and now we've got a second large growth engine that has an equal opportunity -- an equal opportunity is 5G. And then we also have our own growth drivers within our other subsegments like an enterprise and then automotive, which is just nascent and emerging. So overall, very pleased with the results, and the team's done a great job. But I'll pause there after my long preamble to give you the State of the Union.

No. Very good. And Matt, you mentioned those magic words, 5G. So let's start with that. So if you look at just the pace of 5G adoption in different geographies, what are you seeing today? And how is it different than what you thought it might be, say, 3 or 6 months ago? And what impact does it has it have -- has it had on your product shipments?

Yes, it's a great question. And I'll start, and then I'll let Ashish add. But you're absolutely right. I mean, the good news is that the ramp for Marvell and our trajectory, we've achieved our -- we've been achieving our plans that we set out, even if you went back to our October '18 Analyst Day when, if you guys recall, we framed the 5G opportunity and then basically said we were going to have a suite of new products that we're going to ramp in the fourth quarter of the next fiscal year, and that was with our lead customer, Samsung, where we had outsized content, and that we expected growth after that. And then we just did a ton of work in between, right? We won designs, incremental designs at places like Nokia. We completed the acquisition of Avera during the last fiscal year, which got us content in 2 additional 5G players. And so we -- from where we were sort of October '18 to now, it's been a pretty big transformation in terms of our footprint across multiple customers. Our sockets have expanded from just sort of baseband to transport and layer 2 processing, to digital front ends, to massive MIMO custom chips, to front-haul interfaces. I mean, so we've just built out the suite of products and portfolio. And so as we enter now this calendar year, we ramped -- well, first of all, we ramped at the end of last year, as we said. We also saw growth from Q4 to Q1, and then we expect this ramp. But what I would tell you is things have moved around. And I think by -- and I'll give you some examples, but I think just by our sheer sort of strategy of winning more designs in our -- and also the acquisition, we've now got this much broader exposure, so we can absorb some of the moving pieces. As an example, if you look at where we were looking at last year, I think we were counting on like the U.S., for example, to ramp a lot earlier. Japan, with the Olympics this year, was obviously a pre-COVID situation. And then there was talk of India tenders even at the end of last year. All of those, for one reason or another, had some level of delay to them. But then what's counterbalanced that and even probably exceeded the sum total of those opportunities is that through the M&A, plus around design wins, we now have exposure into the China 5G rollout through 2 of our OEMs. And so what's happening is even as some of the geos move in and out, we still benefit because of our breadth and our exposure to everybody, basically, but Huawei. So I think that's the power of the platform, and the strategy we have is that it is diversified across multiple products, across multiple OEMs, that we have exposure to almost every major geography. And so while carrier typically is a lumpy market, we've done our best to try to smooth that out by our diversification strategy. And so the net result is 5G is going to deploy, people are going to put base stations and countries are going to adopt it. And the level of penetration from 4G to 5G is going to just continue to transition from this year to next year and beyond, probably at the pace we thought, but I would say the geos have moved around a lot. But as you've seen in our outlook, it hasn't really dampened our results. And the final thing I would say is, if anything, the big opportunity with Samsung, which was really our lead customer heading into this whole 5G cycle, is mostly in front of us because their deployments have been primarily concentrated in Korea so far, and we'll be participating in that with them this year. But they've got kind of -- that Samsung opportunity is largely in front of us, which is actually a pretty exciting thing. Ashish, did you want to add anything?

No. I think you've covered the geographies really well. I think the only thing I'll add is, from an internal perspective, I think the other thing I would point out is in general, from a program development and execution, we've generally been ahead of where we thought we would be. Starting all the way, we are starting to ramp into Samsung a quarter earlier than projected. We did it in Q3 last year versus our original view was Q4. And then our new program developments, both on massive MIMO, we taped out that chip fairly early, right, and we now expect to be ramping in the fall. And then finally, with our next large customer, Nokia, as you know, we have taped the chip out, the calls are going extremely well. So I think not just from an external perspective, things are working out more or less what we thought they would, of course, with some of the geo changes that Matt mentioned. I think the other thing which is very pleasing is, from an internal perspective, we've generally been at or ahead in most of our 5G programs. And again, that I think is a very -- that's a very important kind of leading indicator to our customers on our ability to support them as we really get into the meat of the 5G rollout.

Yes. And maybe just if I can add. Vivek, just let me add 1 thing there because I think it's important. And you might remember this, if it's a little bit funny to think about now. But if you remember, there was a fairly significant bear case against us on our 5G ramp last year. And the bear case was sort of, well, Cavium historically never could deliver anything on time, and they were always late by a year, so the Marvell team was going to whiff and that thing will be delayed by 6 or 12 months. And then, of course, it didn't -- of course, it happened. Actually, we delivered ahead of our plans. And I just want to give some credit to not only the internal team for just tremendous execution under pressure, but also it really is a testament to the -- and this is really for the long-term investors in our company, you're now seeing the impact of all the work we've put in to systematically improve our new product development execution from really rigorous program management and schedule tracking techniques to best-in-class emulation and advanced verification methodologies to do the job right. And we call it measure twice and cut once, outlining realistic, achievable schedules and sticking to those, doing fewer projects but doing them on time. And having a really good communication path and culture inside the company that flags delays and problems early and moves the worry curve forward so we can deal with issues upfront. And it's pretty tough to do, as you guys know in this business, to execute these large system-on-chip products on schedule. And in general, the company's overall new product development performance has improved dramatically. I mean, when I joined Marvell, it was probably, on average, 9 to 12 months late on average, some were better, some were worse. Every product that it developed in Cavium was actually in that range or sometimes a little bit worse. And total company average lateness now is down from 9-month-plus range to, in some cases, weeks, not months late. And I'm talking about the whole company overall average. So we really have built a new product development machine. We don't take it for granted. It's really the output of the hard work of all the talented engineers that we've assembled under management. But I think just for the long-onlys on the call, and Vivek, you'd appreciate this because you have the whole history of both companies. New product delivery was never quite the hallmark, it was more innovation-oriented from both the kind of the companies that we've put together, but we've managed to keep that innovation spirit, but actually deliver a level of rigor and engineering execution that we think is best-in-class. And that's why we're winning more business.

Got it. Very helpful. Maybe sticking with the topic of China, just because they have been at the forefront of 5G rollout and putting into the discussion all the restrictions that Huawei is facing. One scenario is that, look, Huawei has enough inventory of components that should last them for some period of time. So 5G rollouts will go as planned in China. The other scenario is Huawei is being restricted, can that pause 5G rollouts in China? Like, what is the risk around that? And then the third scenario, which I think matters to Marvell, is that if Huawei is going to be restricted now and going forward, it gives your customers, right, your other bigger customers, whether it's Ericsson or ZTE, the chance to gain more share, which is positive for you. Which of those scenarios are you seeing in both kind of the near term and going forward?

Yes, great question. And I think the quick answer is certainly that we don't know. But what I would say is our base case assumes that the shares that were allocated as part of the tenders, as an example, in China, remain consistent. As all of you know that have worked and dealt with Huawei, they're tough, they're determined. They've done their own diversification within their supply chain to try to make it happen, and they've been extremely gritty. And so we're not -- we wouldn't be in a position to bet against them. And we don't have any insight there. So our base case assumes the shares are what they are. Certainly, that can be influenced in a couple of ways, as you mentioned. One would be China waits, right? And if there's some delay on the Huawei end, they wait for them to catch up. The other one is perhaps Huawei does lose share, we don't know either. So our base case is they -- everybody maintains their share. And then really, the upside for us, the tailwind, and it's unfortunate because, obviously, Huawei used to be a very large customer of ours, we don't have any exposure anymore. But the tailwind would be is if global share of 5G OEMs moved to the other 4, that would certainly accrete to us in a very positive way. But we're not counting on that. That's not in our outlook. It's not in our guide. We don't think about it that way. But we certainly are ready to be dynamic in this one if share moves around.

Got it. So the -- I think some of the visibility and some of the growth that you mentioned in the 5G business for this and the next quarter is not predicated on just some extraordinary share gains at the non-Huawei customers, right? Those are still to come if they develop that way.

Absolutely. And we take a look at this data, both on the bottoms-up from the customer feed as well as the top-down, number of base stations. And we also look at the run rate kind of from last year to this year and how are people positioning themselves. And it all looks pretty reasonable. I think the other competitors certainly are -- will be ready to take advantage if that happens. But just if you look at even over the last year, consistently from at least the 5G OEMs, the messaging has consistently been that they haven't counted on share gains, right? I mean, they've been pressed hard and they just kind of say, we don't assume that, and so far, it hasn't happened. But yes, that would be an upside case for us, Vivek, if there was a share gain by others.

Got it. We'll come back to 5G, but talk to us about the rest of your networking and data center business. Where are you seeing the growth? How fast can that non-5G part of your networking and data center business grow over the next few years?

Sure. Well, I think the -- one of the biggest announcements or communications we made in our earnings last week was really spending some time to articulate our growing presence in cloud and hyperscale customers. And if you even go back to the first quarter or 2 after I had joined the company, we were -- we had embarked on making a "pivot to cloud", right? And the portfolio we had primarily at that time, if you go back 3 or 4 years ago was, on the networking side, primarily exposed to enterprise; on the drive side, primarily exposed to the client. And so on both businesses, we've been working really hard to get the -- to get exposure ramped up. And now that -- a lot of that's come together. And so we do see strong growth this year in our cloud business. We even saw it in Q1 relative to where we were a year ago. It's from a couple of different areas. First is there are a number of accelerator or offload type of products we have, both in terms of smart mix or data processing units. These used to be known -- or still are known as the LiquidIO family, which was a Cavium product line. The third generation of that product is now ramping up and it's got exposure to hyperscale and cloud where it matters. They -- we also have strong security offerings that are ramping from Avera. We got actually a nice design win pipeline and product in production that we're exposed to hyperscale in the accelerator area in terms of ASICs. And then on our storage side, I know your question is networking, but it's meaningful in that we have gone from basically no share in nearline 3 or 4 years ago to having pretty significant share both on controllers and preamps, and we're participating in the 16-terabyte ramp this year. So when you kind of think about thematically, while it's been the company's really -- investors have really centered around 5G as key opportunity for us. And certainly, that was a calendar '19 narrative. And I think it made sense, and we focused odd on it. We actually executed well. We feel like the cloud opportunity is equally exciting. Happy to comment in a moment on the rest of the networking portfolio. Maybe Ashish, you want to add if I missed anything. But we think these 2 twin growth drivers of 5G and cloud are going to be very significant for the company over the coming years.

Yes. No, I think you hit it. And what I would probably -- the only thing I'd add is just backing up a little bit, just thinking about data centers, which obviously includes cloud. But obviously, we also have a position in enterprise data centers. I'd say no surprise with the significant increase in work from home, Vivek, we're seeing benefits there as well, right? So part of the Q1 outperformance was also tied to the fact that, as you know, we've been making a push, especially with some of the acquisitions, expanding our enterprise campus position into the higher levels, which include enterprise data centers. So I think that, that has started to pick up in Q1, and I suspect that will be an additional growth driver. Obviously, the cloud opportunity would be significantly larger. But enterprise data centers, we already have products, we've been shipping into this space. So I would keep an eye on that product line as well.

Got it. No, I'm glad you brought that up because before the call, I was thinking enterprise could actually be a drag on results just because of most enterprises are closed. And so I was assuming that maybe they are not doing the level of upgrade which they might have otherwise. So maybe talk a little more about this, right, in terms of why are -- what is the driver for enterprises to do these upgrades? Is it just to support more work from home? What is the driver for enterprises to be spending this money?

Yes. I think it's -- I mean, we are probably a perfect example. And Matt, you can certainly jump in. But I can tell you while Jean's done a great job of managing OpEx, I can tell you, our IT expenses actually went up because now, you have suddenly 5,000-plus employees all essentially having to work remotely, you need to provide secure, high-speed access, right, to your entire ERP, your design tools. And you got to do it for a fairly long time period. So we actually are taking the opportunity to assume we'll be in this environment for a fairly long time period and we're going to need flexibility, right, that some people will come back to work. The majority may not. And even when people do come back to work, you will need to have kind of this dual access for a fairly long time. So I'd say in the enterprise data center, whether it's your entire routing and switching capacity, security, file transfer, storage, you name it, right, I think that's where we are certainly seeing an increase in spending. And we're not the only ones. I'm sure you've picked up on that from other of our peers as well. I think that's where we see the increase in activity.

Yes. I think I would add, I mean, yes, it was -- activity was very strong, right? Shipments were very strong in Q1. We called that out, right, both on our 1-gig and 10-gig NIC products that we're selling into enterprise data center as well as other host of products that flow into that market. And as Ashish said, yes, we're still spending money, we have to. And in some cases, I highlighted on the call, we're -- our engineering productivity has been really high. And so we're actually -- we're buying compute and we're buying storage and we're buying capacity and we're upgrading our tools and we're trying to make our employees as productive as possible. And make sure -- and stuff I even monitor myself. Every couple of weeks, I get a readout of all of our usage, our bandwidth usage by site, our storage usage, every one of our EDA tools. And we're productive and we're -- and we need to make sure that people can work from home effectively for the long haul. So yes, we -- companies like Marvell and others, I think, are spending money on that, and we see it in our results.

Got it. And Matt, one other thing you highlighted in the last call was cloud reaching about 10% of sales for the first time. It seems like a very important milestone. Was this a target that you had set in mind? And if yes, what is the next target? And how do you get to that next target?

Right. Well, I wouldn't say it was a target per se, although we've clearly been focused on making this a meaningful part of our revenue because it's been -- it's one of the largest SAMs and one of the highest-growth SAMs for us to participate in. So therefore, that's where we've directed our energy, but I -- and I may have shared this on the call, but I do -- and you've seen this as well. When you have an end market, I feel like my experience is 10% of revenue is a tipping point where if you can get a head of steam on the business and the end market's growing and you've got the right strategy and customer engagement and the right portfolio, that's when you've got that potential to make the leap, right? And so the example I would use is at Maxim. We ground away at automotive for a long time, and it was a little bit in the shadows, and we used to have it buried in the industrial segment. And then there was an Analyst Day, finally, where this thing had clicked over to like 10% revenue. I was running that business at the time, and we said we should call this out because we see line of sight for this to continue to be an increasing part of our -- of the company even if we get growth in the rest of the business. And I think, if you fast forward, I haven't looked at the latest numbers, but I know it's like 20%-plus now, right? And it's been a huge growth story over there. And so I don't know, we don't have a target set per se, although we'll probably outline at the October Investor Day a lot more clarity and market sizing and opportunity set for us, both in cloud and 5G, we'll refresh that, as well as our other segments. But we do think it can be very big. And we do know that the SAM, when we did the bottoms up, it was kind of surprising. If you just keep the ARM server thing to the side, the SAM roll up is very, very similar to the 5G SAM roll-up that we've been articulating. So I think with those 2 data points in hand, we sat around and said, this is probably an appropriate time to give investors a view with the understanding that once we get to our Investor Day, we'll do more of our traditional formal breakdown of market size, share and long-term opportunity. But that's really the reason why. I think 10% shows that there's a potential for it to run to 15%, to run to 20% over -- who knows where it's going to be? We'll have to keep you and the team updated as we make progress.

Yes. Just adding on to that, I think, Vivek, I think the context was we wanted to wait till -- we don't want to start talking about things like 3 or 4 years in advance where I think some folks do start talking about cloud and data center, it just takes forever to get there. So I think we always had the view of, hey, we want this -- when we want to talk about this, it's when it's already kind of rolling. And really to be frank, the decision was going to be that it's soon or it's at the October Investor Day. And I think the acceleration in revenue in Q1 pretty much kind of forced our hand saying, look, we're going to have to discuss why we outperformed. And it felt fair to provide a little bit more context around it. I think Matt's kind of understating. I think it was always his intent when he came to Marvell, started to reform the company, and through Cavium and then most through Avera and even somewhat through Aquantia, I think the intent was always that, hey, this is a piece of the market we certainly want to have bigger exposure to, but it needs to be on our terms. Meaning we have to have our own unique, differentiated, competitive products, right? So I think at this point in time, we felt it's the right time to unveil that. And yes, clearly, we'll talk more about it. But that just gives you a little bit more context.

Got it. In the last few minutes, maybe just going back to the topic of 5G and the competitive landscape. So I think on the positive side, I think, Matt, you outlined very well the diversification, right, with Avera and some of the new 5G sockets that you're winning. On the other hand, we have seen headlines, for example, Xilinx talking about coming back at Samsung with their new product. We have heard your other announced OEM customer, Nokia, talking about perhaps the potential to use multiple ASICs, or their engagement with multiple ASICs. Just broadly, how are you looking at the competitive landscape in 5G? Just how is your visibility around these opportunities?

Yes. No, great question. And I think the high-level perspective I would give is, first, we've been the challenger in this area, right? We weren't the incumbent. Some of the other folks you've referenced clearly have a lot more history and participation even going back to prior generations. And we've done a good job, right, of gaining share and winning business where we didn't really have any presence, candidly, in 4G or LTE. So we're the up and comer here, but we have gained pretty meaningful position. Remember, it's a big market. I mean, we've said this, the whole market was probably $6 billion. If you stripped out the Huawei piece, which we were saying early on was not our -- was not going to be our market. Others were. I think others, certainly, in the whole ecosystem have had exposure and now -- have felt some of that pain in particular I think in the last quarter. We didn't get impacted by that because we never had them in our plan. But if you say that the rest of it's $4 billion, it's a pretty large market within the semiconductor industry and certainly within the SoC space. And so we've never said, look, success has to be that we get 100% market share. We're very, very happy with the progress we've made. I think if you just look at the momentum that we've shown demonstrably, starting in -- and you could go all the way back to the October '18, even go prior, go Cavium, pre-Marvell, they had 1 socket which is baseband at 1 customer. That's it, right? And that was basically the State of the Union prior to us closing the Cavium transaction. And you kind of go from that point, which was only really 2017, and you fast forward over the last few years. We've added all the other OEMs, except Huawei's customers. We've got significant content and sockets across a multitude of products and product lines at those OEMs. And pretty much all that growth is still in front of us. We're still in the very, very early stages. So we feel very good about our position. We know that there's going to be other competitors. We don't really read or respond to those headlines. I mean, we're very plugged in with our customers in terms of what their ramp plans are. And typically, all of our programs with these companies come with contracts. I mean, we signed a development agreement. We're paid NRE. We customize the chip. There's a schedule and a forecast in deliverables. And so we feel very good about those because typically, these -- some cases, they're standard products. But typically, these come with a pretty significant contract and understanding of volumes and things like that. So we're kind of on our own path, and we think there's room for us and probably a number of other players to all be successful in 5G. But we do think we have the strongest position and overall platform for the long term.

Got it. And then maybe finally, Matt, to close, there's an investor question that I just received, which is what kind of lumpiness are you expecting in hyperscale spending? This year, the first half of the year has just been so strong in terms of cloud demand for a lot of the obvious reasons. But there is some concern that maybe there is a period of digestion in the back half. Just how are you looking overall at the trajectory of spending by your cloud customers?

Sure. Yes. That one, maybe Ashish has better insight, but let me just give a quick comment. That one, I don't know. I've certainly read those comments from a number of people, by the way, about cloud digestion. And I don't know if that's simply more of a hedge because nobody really knows in this market, starting back with the trade war until now, what's really going to happen in the second half of any year. Perhaps that's a hedge, perhaps that's just is borne out of the inherent lumpiness in cloud. We're not the experts on that because this is a new and emerging market for us. And a lot like 5G, we're more driven by our own product cycles and our own new opportunities that are ramping rather than the overall market. And so I mean, the 5G parallel would be, everybody else last quarter said 5G was on a pause, 5G is going down, 5G is delayed. Well, that might be because the larger incumbents that we're supplying into that market who had exposure to Huawei, as an example, or had run hot the year before, they might have felt that. But we didn't see that, right, in 5G because we're in that sort of share gain mode. And so it's a little bit of the same story in cloud. So I think with it only being 10% of our revenue, we're probably less affected by overall cloud CapEx, although we'll always feel things like that. But we would be probably not the best person to be the prognosticator. But Ashish, maybe you've got a point of view you want to add.

No. I think it's pretty similar. I mean, there is -- first is, obviously, we don't really get too concerned. I mean, there is going to be lumpiness That market is inherently lumpy, and I don't think anybody can call it. But I think if you look at kind of where we are seeing growth, I mean, these are fairly new areas. So take our LiquidSecurity product. These are basically new sets of kind of hosting services, 3 actually. We have 3 named customers, plus a fourth one now, which are just coming out into the market. And I'd say those are really not tied to some of the capacity additions people are concerned around. Similarly, we've entered the nearline market. Within that 16-terabyte transition, right? And that's still kind of the highest capacity point right now. So I would say, I would go back to kind of Matt's product cycle comments. And I think what's important for us is on a year-on-year basis, how we really think about most of these businesses on an annual basis. I think this is still going to be a fast-growing business over the long term.

Great. Well, time flies when we are having fun, but we are at the end of our allotted time. Thank you so much, Matt and Ashish, on sharing your views today. And thanks to investors as well for joining this call. If you have any follow-up questions, please always feel free to write or call. Again, thanks, everyone, and be well.

Thanks, Vivek. Bye.

Yes. Thanks, Vivek. Take care, everybody. Bye.

Thank you. Bye.