Diodes at Baird Conference: Strategic Growth and Market Expansion

On Tuesday, 03 June 2025, Diodes Incorporated (NASDAQ:DIOD) participated in the Baird Global Consumer, Technology & Services Conference 2025, offering a strategic overview of its performance and future direction. The company highlighted its robust growth in the automotive and industrial sectors, while also addressing challenges such as tariffs and competition from Chinese suppliers.

Key Takeaways

• Diodes’ content per car in the automotive sector has grown significantly, reaching $213 in 2025.
• The company anticipates over 7% revenue growth in Q2 2025, signaling a positive market recovery.
• Expansion into the AI server market is a priority, with content per server increasing to $90.
• Diodes is enhancing gross margins by optimizing fab utilization and product mix.
• The company’s geographic revenue distribution is heavily concentrated in Asia, accounting for 78%.

Financial Results

• Revenue

- 2024 revenue reached $1.3 billion.

- Q1 2025 revenue decreased by 2.2%, outperforming the typical 5% decline.

- Q2 2025 revenue is projected to grow by over 7%.

• Market Segments

- Automotive and industrial sectors contribute 42% to total revenue.

- Computing accounts for 27% of revenue.

• Geographic Distribution

- Asia generates 78% of revenue.

- North America contributes 9% to revenue.

• Gross Margin

- Affected by underutilization of fabs, with improvement efforts focused on utilization rates and product mix.

Operational Updates

• Inventory

- Distribution channel inventory slightly exceeds the normal range of 11-14 weeks.

- Internal and channel inventories were reduced in Q1 2025.

• Automotive

- Diodes’ automotive content per car has increased from $28 in 2013 to $213 in 2025.

- Over 300 automotive products were introduced last year, with 49 new products in Q1 2025.

• Manufacturing

- The company operates a hybrid manufacturing model, with 55% internal and 45% external production.

- Manufacturing facilities are located in the US, Europe, Taiwan, and China.

- Efforts are underway to qualify processes at newly acquired SP and G fabs.

Future Outlook

• Market Recovery

- A stronger second half of 2025 is anticipated, with more urgent orders and expedite requests.

• AI Server Market

- Diodes is participating in NVIDIA’s GB200 platform, with a focus on edge computing and AI deployment.

- Content per AI server has increased to $90 from $60 in traditional servers.

• Technology

- The company is advancing in silicon carbide technology for industrial and automotive applications.

- Gallium nitride technology is being monitored for future opportunities.

Q&A Highlights

• Tariffs

- Customers remain cautious due to tariff uncertainties, though significant pull-ins or push-outs are not observed.

• Competition

- Stabilization is noted in competition from local Chinese suppliers, with Diodes focusing on higher-end products.

• Pricing

- Price stabilization is within a 1.5% to 2% quarterly erosion range, with a focus on risk mitigation and agility.

For a more detailed understanding, readers are encouraged to refer to the full transcript below.

Full transcript - Baird Global Consumer, Technology & Services Conference 2025:

Tristan Gerhard, Senior Semiconductor Analyst, Baird: All right. Well, good afternoon. Let’s get started. I’m really still awake. I see some coffee.

I’m Tristan Gerhard. I’m the senior semiconductor analyst at Baird. I would like to introduce diodes. Maybe they don’t need an introduction but I’ll do it anyway. So it’s a leading supplier of analog and discrete solutions serving a variety of end markets.

They’ve gained consistent market share over the past many years. And we’re pleased to have with us today Emily Yang, Senior Vice President, Worldwide Sales and Marketing and Gurumi Dudouwald, Investor Relations and Corporate Marketing. And with that, let’s get started. I think you have a few slides for us.

Emily Yang, Senior Vice President, Worldwide Sales and Marketing, Diodes: Thank you. Yes, I’ll just go through the high level introduction and then we can get into the Q and A. So Diodes is a semiconductor company. We serve analog and discrete power solutions. And then we serve five segments, our customers in five segments, which is automotive, industrial, compute, communications and consumer.

We have been in business for over sixty years. For the last thirty three years, we have been profitable consecutively. Last year, we closed 2024 at $1,300,000,000 revenue. And in those market segments, if you look at it, back in 2018, Doctor. Liu made a goal that 40% of the revenue should come from automotive and industrial market segments.

For the last twelve quarters consecutively, we have been above that goal. So we that’s the focus. Just to give you some highlights on the automotive market segment since that’s one of the focus segments. We are focused in three areas of the automotive segment, which is connected driving, comfort, style, safety and electrification. The way we have been we’ve been growing at the CAGR of 22% since 2013 when we established this automotive BU with the focus on these three sub segments within the automotive segment.

The first two is connected driving and comfort style and safety are agnostic whether it’s a nice car or an EV car. So that’s where majority of our silicon is. The other thing is back in 2013 when we established the automotive BU, we had $28 content per car. We have been growing this over the years. As of 2025, we are at $213 per car.

Just to give you a profile of the revenue, one third of our business is direct, two third is through distribution, and that’s based on the ship to revenue. Also from the segment’s point of view, 78% as of last quarter was from Asia, followed by North America, followed by Europe and then North America 9 Percent. Our market segments that I mentioned earlier, five of them is computing is the largest segment for us, which has been which did grow from last quarter as well. That was 27%. And automotive and industrial, as I mentioned before, combined is 42% and then compute and communications.

And these revenues that we show here is based on the ship to either location or segment or direct versus the distribution channel. So this is just high level profile. I will stop here and Tristan will ask follow on questions. Great.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: Before we talk about the more high level questions about the company direction strategically compared to some of your peers, there’s a lot of questions obviously on tariff, lots of cross current. Intel has talked about some advanced purchases in PCs in Q4 and Q1. What do you see in terms of orders? Do you think that we’re still at a point where things are tracking pretty much in line with seasonality? Or do you see any anything abnormal one way or the other?

And maybe we can tie this to inventories as well.

Gurumi Dudouwald, Investor Relations and Corporate Marketing, Diodes: Mhmm. Yeah. So I think overall, what we’re seeing, we didn’t really see a significant pulling like Intel mentioned. Maybe a little bit, in the q four or maybe beginning of q one because Chinese New Year. Current quarter, we we don’t really see that.

We have a lot of customer because they don’t know what to expect. They don’t know what will be the tariff policy tomorrow. Most of the customers are actually more on the conservative side. That’s what we see. They just kinda wait and see, almost like business as usual, so we definitely not seeing that.

So we are not that worried about it’s gonna impact the q three or q four revenue. But, of course, tariff is a little bit unknown. That’s really more a concern on the end customer consumption, not specific to the pull ins and push outs and stuff like that.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: When you mentioned that people are still conservative, should we read that they’re still reducing inventories? Or And how is that process? I mean there’s been already a lot of inventory burn over the past several quarters. Maybe if you can remind us of your position in terms of inventories at distribution? And what do you see, you know, other customer doing with their own inventories?

Gurumi Dudouwald, Investor Relations and Corporate Marketing, Diodes: Yeah. So overall, on the channel side, right, distribution side, we actually define a normal range of inventory, eleven to fourteen weeks. At this moment, still slightly higher than that. But if you look at the q one result, we actually have a decrease internal inventory as well as channel inventory. Our POS POS revenue point of sales revenue increased q one, which is actually usually not normal.

Q one is usually a down quarter for us. As the end result, if you look at our actual revenue, we actually decreased 2.2% for q one, which is actually better than usual seasonality. Usually, q one, we down around 5%. Second quarter, usually, it’s a up quarter, about 5%. We actually guided more than 7%.

So we actually view it as actually better than usual seasonality. Okay. Mhmm.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: Just similar question in terms of end market. We’ve seen mobile starting to pick up a little bit in at least in China. What’s the commentary that you will have in terms of the key other end market and notably industrial and automotive at this point? Do you think that those end markets you’re shipping in line with end demand? Or is it people are rebuilding inventories or it’s too early?

And what’s your outlook medium term for those markets?

Emily Yang, Senior Vice President, Worldwide Sales and Marketing, Diodes: Yes. I’ll just give you an overview on all five segments and then we’ll specifically talk about automotive and industrial. Three Cs, what we see is the inventory is relatively clean in all three Cs, especially computing and consumer. With the communications, it’s a little bit mixed because we put smartphone in the communication segment, which behaves just like consumer. But some of the communications part, is networking, telecom, enterprise, it’s starting to pick up in cleaning inventory.

Versus automotive and industrial, we believe that it’s still going through inventory rebalancing. It varies from customer to customer, region to region, which could take another quarter or two. But overall, based on our focus in Compute segment as well as in the automotive industrial, as we are bringing new products to the market, last year alone, we introduced more than 300 products for the automotive segment and last quarter in Q1, ’40 ’9 new products. So with our focus, even though the number of cars being produced is flat to down, but I think with our dollar content increase that I mentioned earlier and new products, we are continuing to see momentum.

Gurumi Dudouwald, Investor Relations and Corporate Marketing, Diodes: Yeah. Maybe just let me add a little bit. Right? We are seeing stronger book to bill ratio. We actually have stronger beginning backlog, you know, getting into the quarter.

POS, we actually continue to expect to improve. We also openly mentioned second half of twenty five will be stronger than the first half of twenty five. And so I think with all the indication, we actually expect some recovery coming. And, you know, I did mention it’s a positive size of recovery. Even with auto and industrial, we start to see a lot more urgent orders, a lot more expedite, a lot more short lead time orders.

So that’s also the reason I think a lot of customer is more on the conservative side on the buffers inventory. You know, I don’t really think people are building more buffer. It just, you know, they probably haven’t really recovered what the buffer level from before. But I think all this adds up is actually positive indication of recovery of the market.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: Of of the rush orders across end market or in specific end market?

Gurumi Dudouwald, Investor Relations and Corporate Marketing, Diodes: I would say it’s across different market segments, but majority, I would say, distributions, you know, probably a little bit more on the auto industrial side. Okay.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: Mhmm. I wanted to go back to your strategy in twenty twenty one, twenty twenty two when things obviously were very tight because we’re seeing a divergence of some analog companies with revenues trending up. We model you up high single digit for this year at the top line. But some of the companies are going to be some of your peers are actually going to post decline this year still. And I know that you’ve in 2122, you’ve said you traded some pricing against market share.

Mhmm. I think, you know, some a few other companies have been pretty conservative with pricing. I think TI is one of them. I know others that have been much more aggressive on pricing. Does that position you differently from some of the peers that raised pricing more aggressively in the upturn because you have less downside in pricing or any other metrics that maybe you can mention?

And what is the customer feedback on your approach over the past several years and what does it mean in terms of market share going forward?

Gurumi Dudouwald, Investor Relations and Corporate Marketing, Diodes: Yeah. Definitely. I believe a few years back, probably on similar stage, I talk about long term benefit is more important than the short term gain. Right? So at that time, instead of raising prices, we actually work with the customer, gaining some of the new products, designing additional products onto the board, and build a stronger relationship.

I think, you know, throughout the years, I think at the time, probably a lot of people questioning about me, why we think that way. You know, my philosophy at the time is, like, if it’s a deep commodity part, if you don’t have product, you know what you’re gonna do? You’re gonna pay where of the price you can get. But when the supply coming back, you’re not gonna pay the same price. But if I use opportunity or leverage the opportunity to design in products onto the board, even you don’t have a demand right now, but when the market comes back, I will actually have opportunity to gain the market share.

So that’s really the strategy we put in place, during that time. I think now we’re actually seeing good results and also pay off. You know, not only we have better print position, but we also build a much stronger relationship with the customers. I think customers definitely looking for a solid suppliers, can supply them multiple devices in different product categories for a long term. I think, you know, that actually shows that we are a solid supplier that we can actually partner with the customer for the ups as well as for the downs.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: And and in terms of pricing, do you feel that trends are fairly normal? Or are we still in the midst of kind of retracing back to pricing and maybe back to 2020 or 2021? How do you see those trends and how you’re comparing with peers?

Gurumi Dudouwald, Investor Relations and Corporate Marketing, Diodes: Right. So before COVID, we actually built in a model 1.5% to 2% quarterly price erosion. So when people ask me the question about pricing, I always say it’s more stabilized. And it’s not means we’re not dropping the price, but it’s within the 1.5% to 2% range that we define. So that is really more a stabilized means.

I would say, you know, overall, we’re seeing a lot of stabilization. Overall, the pricing, we’re seeing a lot more new designs and pipeline continue to improve. So I would say that’s what we’re seeing. People probably focus a lot more on the functions and features. I think at the same time, people talk about risk mitigation, agility, flexibility.

I think that’s really where some of the areas that Diodes can provide a really good value. Great.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: I think a couple of years ago here you you had mentioned, you know, there was some level of competition from local Chinese supplier and it’s been more of a theme, I think, over the past few quarters. Is that level of competition stable or is it getting tougher in China against local players over the years? And how do you excited world.

Gurumi Dudouwald, Investor Relations and Corporate Marketing, Diodes: We’re we’re very And Chinese competition or American competition or European competition, I think that’s part of our life. Right? I think, you know, in China specifically, we’ve seen a lot more stabilization. Right? There’s once in a while, still some of the names, even I’m Chinese, but I can’t remember.

I can’t pronounce it. But overall, right, I personally believe there’s just so many. There’s probably gonna be more of the consolidation going on, which also, you know, verified and agreed by a lot of my customers. So, you know, I think over years, they are improving. The key for diodes, we need to improve faster too.

Right? So that’s what Gourmet mentioned earlier with new product introduction. If we don’t grow, if we don’t push our technology to the next level, you’re always gonna have someone at the bottom chasing you. Right? So, you know, I view this as part of our life.

I don’t really think we can say no more Chinese competition, but I I also view that with all this localization, tariff, restriction, it’s actually a ben benefit Tristan, I told you this. China market is so important. We definitely will continue focus in this area. But what we’ve been actually changing our focus actually focus more on the differentiated, more higher end product in China market. If my focus continue to be commodity and deep commodity Yeah.

That just riding on the wall. There’s no future. So we are adjusting. One good example, for example, Pericom product family in China, we’re still seeing a lot of momentum because it’s on higher protocols, higher frequency devices that we don’t really have a lot of Chinese competitors in this area.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: How does your local production in China, in Shanghai, match the local demand? I don’t know if your local demand in China is about 15% of your revenue. And how does that compare with percentage of production that’s actually coming from China?

Emily Yang, Senior Vice President, Worldwide Sales and Marketing, Diodes: Yes. So that is right. It’s about that percentage and it’s in the teens. But I think the production coming from China is hard to align with the local consumption because it’s like Emily mentioned, there are different products that are being sold in different applications and different market segments. I am not sure if we can say, okay, 10% of local production is being consumed in China, that’s not the case.

But as you know, our assembly and test footprint is heavier in China compared to the other locations. So that is the back end, which is in China. But the front end, as we are fully very well diversified, we have fab in The US, we have two fabs in Europe, 1 assembly and test in Germany, and then assembly and test in Taiwan and the fab in Taiwan as well as in China, fab and assembly and test. So I think we are very well diversified from the manufacturing footprint to serve the customers and be closer to the customer where they are. I don’t have the number that I can say, okay, X percentage from China production is consumed in China.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: About maybe thirteen months ago, you announced that PCI packet switch platform win with NVIDIA, which I think was unexpected and speaks for some of the differentiation in terms of products that you have. I know GB200 has been very slow to ramp, so probably contributed less in the past few quarters than the initial expectation. How should we look at this in the second half? And how material does it get notably as it’s probably higher margin and notably as potentially it cascades down to other data center platform and maybe even traditional data center. So as much feedback on this, I appreciate it, yes.

Emily Yang, Senior Vice President, Worldwide Sales and Marketing, Diodes: So I’ll start and Emily, you can add to that. So as you alluded to it, we did mention that we are in the GBT 2 hundred. We are working with all of the hyperscalers. We’re in all of the AI servers and also in traditional servers and data center server storage applications along with the computes other applications such as notebook and desktops. So, you know, what we are saying is it’s not just the packet switch that was one of the incremental product which is still there and is being designed in and used.

But we also have as we you know, in the traditional server, we had about $60 content in the box. With the AI server, it’s $90 content per box. And a lot of it is in addition to the packets which is around the signal integrity, mux switches, IO components, power management, and even discrete. So I think we will continue to work with likes of NVIDIA and other partners on the reference design and especially as the AI moves to the edge computing, I think that’s even a bigger opportunity for us.

Gurumi Dudouwald, Investor Relations and Corporate Marketing, Diodes: Yeah. So let me just add. Right? Not only g b 200, g p 300, the next generation, you know, the demand, right, switch from GB 300 back to 200. I think the good news is it doesn’t matter, right, because we are on both.

So, you know, like Gourmet mentioned, NVIDIA just one out of few hyperscaler. What we think thinking even more exciting is actually when the AI getting into the edge level, getting into the compute, getting into the smartphones, and that is actually gonna help lot more drive a lot more volume and also with a refresh cycle. I think that’s really where we’ve seen exciting. So I think from our point of view, not only the packet switch, and also this is just the beginning of the deployment.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: Is there a way to frame this in terms of the TAM, the CAGR, maybe three, four year CAGR, and then the market share that you see in those sockets that you’ve won so far?

Gurumi Dudouwald, Investor Relations and Corporate Marketing, Diodes: Yeah. I think I don’t really have the TAM or the SAM classified or the CAGR at this moment. So the challenge is actually, it really depends on the customer’s design. So not every customer is gonna need a packet switch. Not every customer have a different power block that they are designing.

So it varies a little. So it’s not easy to say, hey. If this, for sure, this is the volume, this is a percentage because, you know, you know, NVIDIA is gonna be different than the AMD platform. It’s gonna be different than the Qualcomm platform or, you know, a a different one. Right?

So so that’s really where the challenge is. But I think the exciting thing is the potential. Right? Even it’s not narrow to a specific application, but it can be very broadly used. So for example, on the networking side, we actually seen a lot of new designs and new requirement.

Basically, the packet switch you refer to the PCIe packet switch is anytime you need additional PCIe port to support a gen three or gen four speed, that will be a perfect use case. So it can be everywhere. Okay.

Emily Yang, Senior Vice President, Worldwide Sales and Marketing, Diodes: Mhmm. So it’s beyond compute. It’s we’re seeing an automotive networking as well.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: Right. Any other product that you think have a lot of potential? Pericom, obviously, has been really a successor in data center. It’s now moving into automotive. Maybe you can talk about this a little bit.

And anything incremental that leads you to believe it’s we should look at this in terms of additional share gain or mix gain going forward? From very

Emily Yang, Senior Vice President, Worldwide Sales and Marketing, Diodes: product line point of view?

Tristan Gerhard, Senior Semiconductor Analyst, Baird: Besides that PCI back end switch discussion, what are some of the products that, yes.

Emily Yang, Senior Vice President, Worldwide Sales and Marketing, Diodes: So as you know, Pericom product line is heavy in the compute segment. In the last ten years or so, we had the opportunity to expand that those products into other applications, which is industrial is one of them with a lot of embedded computing and that power in the industrial segment. That’s an extended market segment for Pericom product line as well as automotive. We talked about not just the packet switch but also signal integrity. We ten years ago, we never thought there was gonna be Ethernet in the car or you’ll need a signal integrity or read drivers and HDMI ports in the car.

So all those are Pericom products that are going in the automotive segment. Also, you look at our timing portfolio, which is part of the Pericom product line, that is expanding, right? We have both sides as the clock IC, is clock generators and clock buffers. We we are the you know, we have very broad portfolio. I would say we are the leaders in the PCIe clock generators.

We have last year, we announced PCIe six clock generators and clock buffers. And in addition to that, we also have crystals and crystal oscillators, which is for the that that does the complete timing tree. So we have from crystal to all the way to clock ICs, generators, and buffers. So I think if you look at it as timing is everywhere regardless of the market segment. So I think that also is expansion for Pericom product line.

Great.

Gurumi Dudouwald, Investor Relations and Corporate Marketing, Diodes: Yeah. So I think let me add. Right? I think overall, we’re looking for smaller size, lower cost, smaller package, sometimes higher voltage, better performance. Right?

We’re talking about the speeds increasing from gen one PCI Express to gen six now. We’re talking about USB type c power delivery. So all of this is actually creating opportunities for us. Probably more on the, Pericom side. On the other side, we’re looking at power, management.

Right? You know, that’s quite broad across all application, but everybody is looking for some power management. Right? You know, automotive, we’re talking about from 12 volt to 48 volt. All these changes has actually created new opportunity for us.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: Are you positioned as well in data center for power management? Because that’s a big bottleneck. And I I know that you’re working on some silicon carbide technology. I don’t know about gallium nitride. Maybe you can give us a quick update on that for powering data center and and also the rest of the market.

Emily Yang, Senior Vice President, Worldwide Sales and Marketing, Diodes: Yeah. In general, as as you know, know, we’ve been working on silicon carbide for last few years. We were not probably as aggressive. We were more conservative, which is good that we had we had introduced 20 plus silicon carbide diodes and then MOSFET products too. We are building traction both in the industrial as well as in automotive market segments, and that focus will continue as we are bringing new products and continue to develop the technology.

In a way, we feel like our approach was correct, which was not as aggressive, but we are aligned with the market and the market demand along with the our technology. In GaN area, we’re we’re not doing much, but mostly in silicon carbide. But we’re focused.

Gurumi Dudouwald, Investor Relations and Corporate Marketing, Diodes: Yeah. I would say for the GaN, we are monitoring very closely. And, you know, definitely, I think at this stage more understanding the technology. We’re not at the time releasing product at this moment.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: Okay. I have a few minutes left. Any questions from the audience? Otherwise, I’ll keep asking questions.

Gurumi Dudouwald, Investor Relations and Corporate Marketing, Diodes: I think everyone talks about they have some designs going on. Right? I think what we see maybe earliest would be end of this year, maybe some of the product. I would say majority is probably still gonna take few years. You know?

So this is still at a very early stage. A lot of people still looking at the, you know, the case study, right, how to really implement that. Right? But all in all, if you really talk about, you know, big data, everybody need more compute powers. Right?

Everybody probably need a lower power to minimize the energy consumption. So all this is in the right direction, but the actual product probably still gonna take a little bit time.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: Quick question on gross margin, less than two minutes. So clearly, utilization rates is a nice driver. You’ve talked about raising the percentage of production that you want to do internally and notably the South Portland main fab. You’ve also talked on the last earnings call about some timing on the qualification of those products. What does that mean in terms of gross margin medium term?

I’m assuming as you move production in house, you get some company specific levers on gross margin that you wouldn’t have otherwise? And any other commentary on that?

Emily Yang, Senior Vice President, Worldwide Sales and Marketing, Diodes: Yes. As we talked about in the Q1 earnings call, that is one of the things that is underutilization is impacting our margins. But I think there are certain things we can do. There are some things we can control from the utilization and margin point of view. The others are depend on the market environment.

So think couple of things. One is the utilization and reutilization. Currently, we have hybrid model, which is internal and external. I think we are around 55% internal, 45% external. So we are newly acquired fabs that you mentioned, especially the SP fab and the G fab, we are qualifying our processes in those fabs.

As we are continuing to bring qualifying our processes, bring our products into these fabs, working with the customers, Emily’s team is working with the customers on PCNs and product qualification, and then eventually we’ll ramp up. So I think it’ll take some time. We are in the middle of that process as we go through that. So that’s one of the levers that could help us with the gross margins, the improving utilization. And hybrid mix can shift, right?

It could be higher than what our current mix is. The other one is the product mix. As you have heard Emily talk about it earlier too, and it was evident in our Q1 earnings, is that our product mix is improving and we’ll continue to focus on that, bring new products, higher margin products. And the third one I would add is the market segment mix, right? As we continue to focus on automotive and industrial market segments that give us higher margins.

So that mix is also changing as well as compute. The other one is our analog and discrete products. Those products, regardless of the market segment, we also get higher margins. So three things is the utilization, market segment mix and product mix that we can control and we are working on to improve margins. The fourth one will be the market itself.

Tristan Gerhard, Senior Semiconductor Analyst, Baird: Great. Well, thanks for being with us today.

Gurumi Dudouwald, Investor Relations and Corporate Marketing, Diodes: Thank Thank you.

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