Perfect. We'll go ahead and get started. I'm Joe Kojaki, the semiconductor, semi-cap analyst here at Wells. Excited to have the MaxLinear team here, Dr. Kishore Seendripu, the CEO, as well as Steve Litchfield, CFO. Thanks for joining us.
Thanks, Joe.
Yeah. Maybe to get started, just, you know, before we get into some pointed questions, you know, give us a little bit of overview of the business, talk about, you know, what you think is maybe underappreciated in the MaxLinear story and, you know, not understood by investors.
I think the first and foremost is that, you know, the biggest focus as a company and success we're having right now is in our infrastructure investments. We said a few years ago that we're organically going to be investing in infrastructure, and our goal is to build an infrastructure business that really competes or exceeds what we have in our broadband access business that we have built so far. Because if you look at MaxLinear, when we went public in 2010, we started as a broadband company, and now we are on a path of where by the end of 2026, our infrastructure segment will become our single biggest revenue category in our reported products. What we report is the infrastructure business, and then we report broadband and the connectivity separately, but really the broadband and connectivity go together.
If you look at the company, there are two parts to it. One is the infrastructure business, and the other one is the broadband access business, okay? Within the infrastructure business, there are two big legs to the investment story. One is the data center part of it. The other one is the 5G wireless infrastructure. We talked about last year our revenues in optical, data center, PAM4 transceivers, starting there, and we talked about doubling our revenues this year, and we have indeed, I think, based on our guidance, we will be doubling our revenues in transceivers this year. I think we said somewhere between, you know, $60 million-$70 million range. We also talked in the earnings call about our PAM4 transceiver revenues exceeding $100 million in 2026, and maybe and there's also a larger upside that we talked about.
That's been the biggest investment focus. In the meanwhile, we have our 5G, you know, wireless infrastructure access business and transport business. Then we've also been investing in what we call hardware accelerators and DPUs for storage compression. This is, again, more to do with data center and applications as well. If you take these three into account, we expect the revenues, you know, somewhere to end the year between $200 million and $300 million revenue in infrastructure as a category.
Okay.
'2026, and that would be, that would exceed or be comparable to, and actually exceed that in the broadband segment.
Impressive.
Okay?
That's helpful. Maybe we'll start with infrastructure. You gave, you know, a nice overview of just kind of different pieces, but maybe, like, double-click on some of the things that you're seeing, you know, these accelerated growth drivers, or what's the underlying, you know, driver. Obviously, data center's, you know, pretty popular topic right now with AI. Maybe just talk about, like, what you're seeing there, the success you're seeing, and, and obviously, it's a, you know, pretty competitive space. What's differentiating you relative to your peers?
Okay. When you talk of the data center play, our big focus has been PAM4 optical transceivers. In that particular field, it's a pretty very, very high barrier to entry. It's not as, as sort of, you know, competitive as you would think, but it's very fierce competition, right? It's just Broadcom, Marvell, and MaxLinear are the only offering solutions, and we started shipping last year. Really, the growth acceleration infrastructure is happening into 2026 for us. On the competitive dynamics basis, our solution is the lowest power and highest reliability solution. From a weakness perspective, we are not the incumbent, right? We don't have a broad offerings from the past, whether it's 200 gig, 400 gig, 800 gig. Our offering is purely 400 gig and 800 gig, and it really is going to be dominated by 800 gig.
We just announced a 1.6 terabit solution, in OFC, and now we're going to be productizing it, and that will be the next leg of growth as the transition go to higher speed at the end of 2026 into 2027 and beyond. I think we have the roadmap that takes that will be the anchors for growth drivers in optical transceivers in, in data center connectivity through 2030. I think we're well placed in that position. I would describe the competitive dynamics in that manner. It's not a very, very it's such a hard barrier to entry in terms of the technology that there are only three providers so far.
Yeah.
I don't think it can attract any more players in that space, and from that point of view, that's my position on the data center transceivers.
Mm-hmm. And, you know, power being the point of, you know, competition, I mean, I assume that, like, given the amount of power requirements of GPUs and, and just the compute required, I mean, you talk about, like, the value that you provide to those customers, and, like, is that you're in the door, and then they kind of see, like, the solution is, like, how you can do more than maybe we thought, or, like, maybe take us through those kind of, like, those design wins that you're seeing.
Look, we have to be first and foremost is performance is required, right? Everybody needs the performance. Let's assume that everybody's who it's, let's say, Broadcom, Marvell, and us. What, how you shine is, is you're really lower power and compact solution, right? That really compact solution also shows a forward path to, cost, cost benefits with our solution, right? Those are the pieces. However, when the data center, so that's your ticket to entry, but the, and the ticket to selection is also performance, right? The way the data center players design the networks is they're not going to be beholden to the lowest power guy. It's a very standardized, standard-specific product, and as long as you meet a power envelope, there are multiple suppliers, but you, as the newcomer, being the lowest power, is absolutely a differentiating benefit.
I would, that's how I would characterize.
Yeah.
The selection process.
When you think about moving from 400 to 800 and eventually 1, 1.6, do you anticipate, like, I mean, are those your positioning, do you think you can gain further share, like, as you prove out your incumbency? I guess, like, how do you think about just the trajectory of that?
Obviously, since we are the newcomers, our growth happens through share gain. That just by definition.
Sure, sure.
Right? But, you know, last year, we shipped, let's say, about a million units or so, and this year, we'll ship a lot more, and next year, a lot more, right? Obviously, we are growing, and I expect as we become more and more established, we will be able to attract more interest, whether it's for the current generation or the following generation. We hope to build on that incumbency through 800 gig into 1.6 terabit and terabit and beyond. Having said that, 1.6 terabit is not something that is a PowerPoint presentation. It's a real solution. We have it. It works great.
Now the productization is happening, and then, you know, we will launch it into the market in terms of calls and interops and stuff, and we expect the revenue to start growing with 1.6 terabit also in 2026 to 2027, the start of 2026.
End of 2026. Okay.
Yeah. If you really keep that in mind, nobody has really deployed 1.6 terabit.
Right.
in a big way, even though it's been announced quite a bit, but the only one who's really deployed any reasonable volume is, I think, Google, I think, you know, for their TPUs, and Nvidia has announced it, but I don't think that volume is as much as, you know, as 800 gig, let's put it that way.
Okay. Okay. That's helpful. Maybe as you think about just, you know, obviously, like, things are very tight, leading-edge, you know, capacity from a foundry perspective, your ability to procure chips. You know, I think you've talked about moving, like, Rushmore over to Samsung. Maybe just talk about, like, some of those dynamics of just, you know, making sure you have access to supply and you're, you know, not a bottleneck or, you know, the supply chain dynamic of it.
I do not think the supply chain is tight, but I think from a supply of wafers on the fab side, I do not think that it is such a big issue, you know, in a sense that, you know, you are a larger buy from the foundry beyond just 5 nanometer. You will buy a 16 nanometer. You have other nanometer nodes you are buying. So your scale helps in getting a bigger allocation, right? And there is always, so we do not see a bottleneck from that perspective.
Okay.
From our own needs. I think the lead times have increased dramatically, and that's based on really that the OSATs, the assembly and test houses, they're the ones who have the lead times have increased due to shortages in certain kinds of substrates.
Yeah.
We are seeing big lead time increases, but we are not seeing, for our needs, not getting enough wafer allocation.
Okay.
Okay?
Good. Okay. Maybe shift gears a little bit to wireless infrastructure. You know, can you walk us through some of the strategy there, you know, what you're kind of focused on in terms of content growth, like, around, like, wireless access and backhaul?
Okay. On the 5G infrastructure, really, now that telco spend is starting again, and what we have is very, very unique. We are the only merchant supplier with a single chip solution for the entire remote radio unit, the macro solution. We have got traction with that one, and then we have the transport backhaul solution for the 5G, where we have both millimeter wave and microwave. The millimeter wave has got strong growth because what deployments are happening right now is both microwave and millimeter wave hybrid deployments where we are large throughput and also a reliable throughput in microwave. They go in tandem, and the competitive landscape is very, very beneficial there in our favor.
We are an established player compared to optical transceivers, and we have a unique full system-level solution that nobody else has an offering because until now, they've been RF transceivers, right, RF stuff, but not really a full transce full SoCs solution that includes both the RF, the DFE, and then the ORM functionality piece that goes with it as a single chip. That spend is coming back.
Okay.
The tier ones are adopting merchant silicon more because, beginning to adopt more merchant silicon because initially, during the 5G hoopla three to four years ago, everybody wanted to do their own custom silicon. Now they realize that that's a pretty costly endeavor, and now they're doing more merchant, so it really comes in our favor. Okay.
Okay. And the competition there, like, can you talk about that a little bit?
Yeah. You know, the competition there really is they're the only solution provider on the backhaul side, right, full system solution, including the RF, the modem, and everything, and some have internal solutions, right?
Okay.
Whereas on the access side, we compete with ADI, but they do not have an accompanying offering that we have with Sierra. I think it is just a pure RF transceiver versus the full system solution that is qualified, that is shipping. We are the only ones in the world. We feel, you know, from a merchant point of view, as we grow, we will retain this sort of premier status in terms of being the merchant supplier on the front.
Okay. Okay. Okay. Maybe talk about, like, in the wireless telco, like, you know, just, like, your conversations with customers, like, the visibility, you know, going into 2026 relative to when you're going into 2025. I mean, like, what are those conversations like in terms of just, you know, the-they're kind of projects that you see out, you know, coming your way?
From a telco infrastructure spend point of view, entering 2025, they were like, "We have too much inventory," and they really had cut back on spending.
Yeah.
It almost came to a virtual standstill, right? It was a very, very tough period for us, right? Even though we did not have, we did not think, you know, we had our own products inventory really sitting there as much on the wireless.
Yeah.
Infrastructure side. Probably they overbought the previous solutions, and then they were sitting on that, so we went into sort of, you know, we got the negative effect of that.
Yep.
Now we get a steady forecast and commitments, so we feel pretty, I would say, pretty assured that the spend is back, and it will be normal spend growth rates, right? Not the sort of, you know, what we had is a schizo spend that happened, you know.
Yeah.
Before we went down.
Yeah.
I think we are seeing a normal recovery in the spend, but it's happening with new products from us, right?
Okay.
I think they're pretty good conversations.
Okay. Okay. That's helpful. Maybe shift gears a little bit. Let's talk about, you know, Panther and storage accelerators. Help us maybe, like, understand what's the adoption been there, and then maybe, like, take a step back, like, how does that fit within, like, the MaxLinear kind of, like, AI data center, like, ecosystem product portfolio? Like, like, maybe let's talk about, like, the synergies that you see there.
Okay. If you look at it today, everybody's talking of high bandwidth memories and so-so memory is a huge bottleneck, but likewise, storage, and that's related to how you access bits in the storage system, right?
Yep. Yep.
That generally, there's more money spent on storage than network inside the data centers, right? Anything that enables faster access, reduces latency is very, very valuable in the AI scheme of things, right? What we do is storage acceleration, compression, decompression that not only alleviates memory bottlenecks but also really because its hardware is very accelerated. It goes in tandem with the compute processor, right? It's a hardware accelerator engine for memory being shuffled in and out or encrypted or decrypted and that sort of a thing. That's an investment we started a few years ago. It fits into our general ability to do network processing and data processing capabilities because we do that in our broadband access business.
We at the beginning of this year, end of last year, I said in three years or so, this could be a $50 million- $100 million revenue business, and I'm glad to share that standing at the end of this year that we are on track to do that. How does that add in? If you think over the next three years, this business being about $50 million- $100 million, you know, let's say 35 for the sake of it.
Yeah.
You look, take our optical transceiver business, that's going, we said more than $100 million plus in 2026. You take the 5G infrastructure. I think we are on track, like we said earlier on, that in a three to five-year window, we feel we could build a business that is anywhere between $300-$500 million in infrastructure. Given that next year itself will be somewhere between the $200-$300 million infrastructures, I feel very good that in a five-year window, we should be able to get to that $400-$500 million zip code in infrastructure revenue alone, anchored by data center transceivers, our storage accelerators, and our 5G infrastructure. Of all of the three, I believe in the interim, in the next short to midterm period, the fastest will be the optical transceiver.
Yep.
Storage accelerator, and then the 5G infrastructure business.
Okay.
Okay?
And, like.
As you know, we are going to be growing infrastructure by almost 40%, I think, in 2026. That's what the analysts have us, and whereas overall business growth, I'm there, you know, in the 20% range for 2026. Yeah.
Okay. And, like, the storage accelerators, like, can you go back to that a little bit? Like, you know, the roadmap there of that should drive maybe some more share gain. Like, can you walk us through, like, what's out in front of us?
Right now, when we talk of revenues, we talk of what is called a Panther III storage accelerator. Its primary purpose is really in compute and storage appliances, right?
Yep.
Fully built racks.
Right.
We have press releases with the highest-end Dell storage appliance.
Yep.
It's called PowerMax. It's there. It really reduces the loaded latency, and it is the differentiating element of that offering. Now we have a new announcement we made at the FMS conference called Panther V, which has got a next generation one that doubles the throughput, right? You go from 100 gig to 200 gigabits per second compression, decompression. You double it to 400 gigabits per second throughput. This is just the throughput game now.
Yep.
The next one is called Panther VI. That is much more driven, architecturally, you know, working with our partner like AMD towards into the data center, right in the middle of the data. So it's a very GPU-friendly architecture and really does things totally differently than for a storage appliance, right? That's the natural progression. I feel Panther V has enormous traction. It itself has attributes that are very data center-friendly. We have a lot of proof of concepts we have completed, and it only takes one data center guy to turn on, and that could be well beyond anything that I'm guiding you. I mean, the data center market is pretty concentrated.
Sure.
So it's like a flash. I want, I don't want to say in the pan.
Yeah.
It's a flash in the sky, and, you know, when that happens, you got rain, right? That's how I look at it, right?
Yeah. Yeah. So you're, so I guess, like, that path forward to Panther VI, like, when should we start thinking about, like, that being, you know, hitting the model?
This is Panther V time right now.
Okay.
I think with Panther V, we'll hit the model. We don't even need, you know.
You need the.
The revenue guidance I was talking about for the storage access, we'll get there with Panther III and a little bit of Panther V.
Okay.
We don't need Panther V. Panther V is beyond that, well beyond what I'm talking to you, and Panther VI is really a problem of riches, you know, in terms of, you know.
Okay.
When the time gets there.
Okay. So we're thinking more 2027, 2028?
Yes.
Okay.
For Panther V, Panther VI .
Yeah.
Prime time.
Yeah.
Panther III will get us to that $50-$100 million range in the next two years. Yeah.
Okay. Okay. Maybe shift gears a little bit. Let's talk about, you know, broadband connectivity. You know, I think looking into next year, you guys are thinking maybe there's some moderation in the business. You've seen, you know, recovery, nice recovery this year. Walk us through some, like, just the expectations underlying kind of, like, some of that more kind of moderation in 2026.
Anything that comes out 2024 to 2025 in broadband is moderation. We grew almost 70% in broadband.
Yeah. Sure.
It's a pretty recovery cycle. The word moderation is logically correct.
Yeah.
Right? So I think that the operator and the telco spend is recovering, so we'll get back to the olden days growth rate of, you know, let's say units-wise, right, and spend-wise. Let's say they increase their CapEx 5%-10%, and we will see growth in our revenues. That's in the low teens, let's say, right? That's sort of the what is expectation. You really have to look at the company in two buckets. Even though we report connectivity as a separate category, the broadband is fully tied with the connectivity.
Right. Right.
There are really two big aspects to the business. One is the infrastructure, which will overtake broadband by the end of 2026, and then the other one is the broadband access. The broadband access has the cable broadband, and we have very little share in fiber.
Yeah.
PON and fiber will be the growth vehicle, right? So within the broadband side, the growth will come from PON content expansion as the home bandwidth increases. For example, right now, the focus is on gateways. Inside each gateway.
Yeah.
You have the access modem, you have the network processor, and you have the Wi-Fi and Ethernet connectivity.
Yeah.
In each gateway, it's about $40-$50 sort of PON. The broadband growth comes on cable, for example, by content increase, transitioning from DOCSIS 3.1 to Ultra DOCSIS 3.1.
Yeah.
DOCSIS 4.0. On the PON side is about 10G XGS PON, that now the telcos are rolling out as their own, what I call triple offering, right? One is the cellular connections. The other one is a fixed wireless access, and the third one is fiber to the home, right? Inside the broadband, the real dynamic that's churning is the fiber PON as growth units, and cable is about content expansion.
Okay. Yep. And I guess, like, just maybe double-click on some of those, like, broad on the broadband, like, on the DOCSIS side, you know, how is that upgrade cy? I feel like the DOCSIS upgrade cycles are always slower than you want it to be, right? And, like, maybe talk us through kind of, like, how do you think look at that trajectory, on that upgrade cycle?
I mean, this is true for the entire industry, right? Semiconductor industry. The change in technology standards.
Yeah.
Are always slower than you want. You're always investing five years ahead. They tell you, "It's tomorrow, I'll buy," and then it's like they have tomorrow and the day after, right? However, you have these inflection points that happen due to disruption, like this AI thing, and suddenly it takes off faster than you think. And unfortunately, you can't time those things.
Yeah.
Okay? That's the reality. If you look at within broadband, right, cable, we are an incumbent, right? Slow is good for us. I mean, we don't have any complaints there, right? Though we have developed the next technology, you develop it, and you know you're going to get the continuing business.
Yep.
When content expands, we know how to run the business. It's sustaining revenues and profits, okay? Fiber, on the other hand, we are a new player entering into it, so as and even the telcos are deploying more heavily. Like, for example, AT&T talked about their subscriber growth through broadband acquisition, and we will be participating in those kinds of fiber PON expansions. Now, fiber PON is a little bit more, does not have the sort of the dock cable-type barriers, but it's a little bit more competitive. We got the right offering for it, and we talked about our two top-tier telco wins in North America.
Yeah.
Right? I would say that, here, things are happening faster. I'm not complaining, okay? It's good. In the meanwhile, they are upgrading, and we are getting uplift in the BOM and this thing. You know, the units are kind of ho-hum in the cable side, but the content is increasing.
Yeah.
That's always been the premise of cable, so we feel good about that.
Inventory, you feel like, is in a good spot, and yeah.
I think the inventory story is done.
Yeah.
See, my view is that they're still all recovering alcoholics and addicts in the telco space. They're now overcompensating with diet plans, and they need to reduce a little bit. I think they will be buying a little bit more. I think they're still playing it tight, but there are no inventory issues right now.
Okay. Yeah. So you're more hand-to-mouth right now, I guess.
Yes.
Yeah. Okay. Maybe on the PON side, like, can you—you said, you know, where you talked about being a more newer entry into that market. Help us understand, right, like, you think the incumbent there is Broadcom pretty strong, right? Like, what is getting you those inroads into the market, or what's your differentiation?
Look, I think we've entered an era where, in the broadband side where the, and this is true in most semiconductor space except in data centers right now.
Yeah.
Like, a lot of proliferation of startups doing all kind and everybody doing everything. In the non-data center space, the industry is pretty consolidated. You only have one or two suppliers. There's not a profuseness of suppliers you've got to fight the battles with. With Broadcom, it's a wonderful competition to have because they have their share, we have our share, and we move along the world that way.
Yeah.
On the fiber PON side, you know, it really varies by geography, right? There are parts of geographies we cannot address, we do not address, which is China.
Sure.
You know, and the Chinese silicon players in those markets are dominant, and that's by design.
Yeah.
It's really come down to Europe and North America.
Yep.
I think there, we're the newcomer, and we are winning. That means the market needs a second supplier, if you will.
Second supplier. Yeah.
Now, once in a while, we find competition from somebody like MediaTek or something, you know, but that's really the games the operators play to create some pricing discipline, right?
Sure.
I don't think we complain about Broadcom being neighbors here in this space.
Okay.
Okay?
Okay. Maybe just, you know, on the connectivity side.
I think I want to answer the question.
Yeah.
What is your specialty?
Yeah.
I think we have the most superior silicon because the burden on us to produce the most beautiful thing is higher than on a Broadcom.
Right.
It's just the reality of the world.
Right.
We have single-chip solution for the XGS- PON with the network processor integrated, and we are the only ones in the world with a Wi-Fi 7 tri-band quad MIMO associate. If you open the box with the MaxStream solution, you will see two chips.
Yeah.
On the other side, you'll see a bunch of chips.
Okay.
Right? Lower power, simplicity, lower cost. That's our, that's our MO when it's data center anywhere, right?
Right.
So.
Okay. That's helpful. Maybe on the, on the connectivity side, maybe just kind of, can you, can you give us a little bit of overview of, like, what, what exactly, you know, where you participate in that in market
For almost every revenue we have in connectivity is attached to the broadband.
Yeah.
Box.
Yeah.
I think right now, that's our focus, right? We have neither expressed nor said anything that we're going to venture out of the space yet, okay?
Right.
Right now, we want to make sure that we consolidate our offering on the broadband side, and then in time, we can explore other opportunities. Right now, the focus of exploration investment is really on the infrastructure side, right?
Mm-hmm.
Because that we will feed it as much as it needs because it's showing the more you feed, the more it grows. That's a good sign.
Yeah.
You know, you keep feeding it, right?
Okay. Maybe the thing about, like, that expansion of connectivity opportunities is maybe still you've got time to address those.
Yeah.
Yeah.
That's right.
Okay.
It's all about prioritization.
Okay. Okay. That's helpful. On the industrial EMI multi-market, I mean, just how do you think about just, like, stability of that market, just kind of, like, the puts and takes of that entering in 2026?
You know, we went through, what I call a reduction in our industrial multi-markets, and, you know, it happened, the slowness happened because, you know, industrial has slowed down in.
Yeah.
China and other places. Also, we seeded there were some government regulations, geopolitical, that we had to write, write off a bunch of revenue. Write off is the wrong word, but you know what I mean? We had to forego a bunch of revenues.
Yeah. Yeah.
With the order of $15 million-$20 million of revenues, we walked away because of geopolitical issues. That is one part of it on an annualized basis. Now you also have some pressure coming from made-in-China solutions.
Mm-hmm.
Right? I see that industry multi-market does grow a little bit, yes, I think, but you shouldn't expect it to do anything more than the GDP growth rates, right?
Yeah.
The 5%.
Yeah. Sure.
Or 10%. Maybe we'll do, we'll do a little bit better. I don't know, but I don't want to prejudice that outcome, right, so to speak. There is some interesting twist happening now, right? The demand for industrial, industrial-type products in consoles and servers on the data center side for industrial application, we are seeing some demand that is being generated by data centers for industrial sort of monitoring metrics like USB bridges, you know, CAN transceivers, and so on, just for monitoring and telemetry and also rack-level control of power and things like that. We're just seeing the beginnings of that. Maybe this becomes a whole different thing where industrial multi-market type industrial sort of participate in sort of the peripheral effects of the data center.
Yeah.
We're beginning to see that. I don't know what other players are saying, but we are beginning to see that. I'm crossing my fingers. Maybe the growth is higher, but don't know yet, you know?
Okay. Okay. That's perfect. Maybe we'll pick on Steve for a little bit.
Yeah.
You know, you talked about, like, there's a lot of growth opportunities into 2026, and so maybe, like, on the other side of that, how do we think about, like, just the incremental margin structure of the company, and how we should think about, you know, that accelerating revenue growth, especially, like, in infrastructure, like, you know, trickling to the bottom line?
Sure. Look, I mean, gross margin is probably driven more by mix than anything. Our infrastructure business typically runs slightly ahead of the overall corporate gross margin. That piece is growing faster. I would expect our gross margins to grow faster as well. As I look over the next kind of 12months to 24 months, I do expect to see some appreciation on the gross margin side. I mean, revenues help, but we're a fabless company. Nonetheless, some of those fixed costs do get absorbed, right? The mix will be the real driver there.
Okay. What about just, you know, I mean, there's obviously a lot of opportunities to invest in, you know, thinking about just OpEx management and, you know, but still investing in R&D and making sure that you're, you know, taking advantage of those opportunities you see?
Sure. Yeah. Look, OpEx, I think if I go back last year, we kind of did a reset last year, kind of got the cost structure down to where I think we're comfortable. We have a, I think we've got an exciting growth outlook for the company based on a lot of new products that are being generated out of those R&D dollars. I think we feel very good about that. I think it's also at a level where we kind of grow low single digits, you know? Maybe it's growing 4% or 5% a year. And if you look over the next couple of years, we've got a really, you know, nice top-line drivers for those two years, call it, which should start to see that kind of leverage on the operating margin side, will start to kind of emerge. I mean, the last two years.
Yeah.
Inventory and the like.
Sure.
The P&L struggled clearly. Feels like we're through that, and you start to see the leverage in the model start to happen.
Okay. Okay. You know, maybe also just kind of on the, on the back of that, I mean, you know, starting to generate more positive free cash flow. You know, thoughts on just kind of capital allocation and how you, how you balance that cash?
Sure. Yeah. I mean, look, we're definitely pleased. I think we're probably a couple of quarters ahead on cash flow generation versus the plan at the beginning of the year, so that's encouraging. A lot of the work that went in last year on the revenue side, on the gross margin side, on the OpEx side, starting to kind of come to fruition. That's encouraging. As we start to think about capital allocation, yeah, I mean, we'll kind of get back in the mode of looking at acquisitions again. I mean, stock buybacks, you know, we have a little bit of debt. It feels pretty comfortable where it's at, but we'll certainly explore all those options.
Okay. Perfect. I think we've ended there.
All right. Great.
Thanks.
Thanks for having us.
Thank you.
Thank you.