Good afternoon, everyone, and welcome to Alpha and Omega Semiconductor's conference call to discuss fiscal 2026 third quarter financial results. I'm Steven Pelayo, Investor Relations representative for AOS.

With me today are Stephen Chang, our CEO, and Yifan Liang, our CFO. This call is being recorded and broadcast live over the web.

A replay will be available for 7 days following the call via the link in the Investor Relations section of our website. Our call will proceed as follows today: Stephen will begin business updates, including strategic highlights and a detailed segment report.

After that, Yifan will review the financial results and provide guidance for the June quarter. Finally, we will have a Q&A session.

The earnings release was distributed over the wire today, May 6, 2026, after the market closed. The release is also posted on the company's website.

Our earnings release and this presentation include non-GAAP financial measures. We use non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investors in conjunction with GAAP measures.

A reconciliation of these non-GAAP measures to comparable GAAP measures is included in the earnings release. We remind you that during this conference call, we will make certain forward-looking statements, including discussion of the business outlook and financial projections.

These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause our actual results to differ materially. For more detailed description of these risks and uncertainties, please refer to our recent and subsequent filings with the SEC.

We assume no obligations to update the information provided in today's call. Now I'll turn the call over to our CEO, Stephen Chang.

Steven?

Thank you, Steven. Welcome to Alpha and Omega's fiscal 2026 Q3 earnings call.

I will begin with a high-level overview of our results, and then jump into segment details. We delivered fiscal Q3 revenue results slightly above the midpoint of our guidance, primarily reflecting strength in advanced computing, including AI, servers, and graphics cards, offset by softness in PC markets resulting from seasonality and memory shortage headwinds.

Tablets also showed strong sequential growth, and the communication segment was also better than expected, driven by year-over-year growth from our Tier 1 US smartphone customer, offset by weaker demand in China. Overall, total March quarter revenue was $163.8 million, down 0.5% year-over-year and up 0.9% sequentially.

Non-GAAP gross margin was 21.7%. Non-GAAP EPS was a loss of 28 cents per share.

Our strategy remains consistent and we are executing well. As we have said, we believe the December and March quarters represent a bottom for both revenue and gross margin, reflecting the impact of near-term market conditions and supporting a more constructive outlook going forward.

March marks the third anniversary of my journey as CEO of AOS. When I stepped into this role in 2023, my goal was to steer our organization from a component-level supplier towards becoming a provider of application-specific total solutions, a move designed to push us past our $1 billion milestone towards a multibillion-dollar future.

At that time, we were just scratching the surface of potential opportunities in front of us. Today, those opportunities have moved to the center of our business.

Over the past 3 years, we have successfully pivoted to higher-performance applications where we can expand BOM content and build durable competitive advantages. This strategy is translating into tangible results, particularly in advanced computing, where demand is broadening across AI data center applications.

Specifically, we are gaining traction in high-performance medium-voltage MOSFETs used in hot-swap applications and intermediate bus converters, with increasing customer engagement and design activity expected to accelerate and contribute more meaningfully as we progress through calendar 2026. We are actively expanding our medium-voltage capacity to support this growth, and our backlog provides us with good visibility.

At the same time, we're seeing a broadening of both our solution set and customer base, extending beyond traditional GPU-centric platforms into a wider range of cloud and infrastructure deployments. This reinforces our confidence that advanced computing is becoming a more durable and increasingly important growth driver for the company.

As is broadly reported, memory supply constraints and price pressures represent growing headwinds for the second half of calendar 2026. Against this backdrop, we're using three primary levers to protect our growth: steady margin expansion through improved product mix; further increases in BOM content, where our total solutions approach is enabling us to capture more value, as seen in transitions to next-generation PC platforms such as Intel's Panther Lake and higher charging current requirements in smartphones; continued disciplined investment to support the opportunities ahead.

We have stepped up our targeted R&D investments in areas where we are already seeing success, including power ICs, high-performance MOSFETs for AI and data center applications, and advanced solutions for smartphones. These investments are highly focused and aligned with clear customer roadmaps and design wins.

While calendar 2026 may reflect some near-term variability, we are confident that the combination of expanding advanced computing opportunities, increased BOM content across key end markets, and our continued execution will position us well for stronger growth as we exit 2026 and accelerate into 2027 and beyond. With that, let me now cover our segment results and provide some guidance by segment for the next quarter.

Starting with computing, March quarter revenue was up 2.1% year-over-year and down 0.1% sequentially, and represented 49.1% of total revenue. The segment results were slightly better than our original guidance of low single-digit sequential decline.

As I mentioned earlier, seasonal declines in PC markets were likely exacerbated by earlier pull-ins in calendar 2025 and potential demand impacts from rising memory pricing. Strength in advanced computing, including AI, servers, and graphics cards, more than offset such decline, and combined more than doubled sequentially and increased more than 40% year-over-year.

The strong growth resulted in advanced computing representing 25% of the computing segment in the March quarter. As mentioned before, we're seeing solid demand for our medium-voltage MOSFETs across an expanding list of applications and customer base that includes power supply providers, module makers, cloud service providers, and major hyperscalers.

We're shipping our high-performance MOSFET products into applications including intermediate bus converters that are now moving into the build phase at some leading ODMs for major hyperscale customers. Looking ahead to the June quarter, we expect computing segment revenue to increase low to mid-single digits sequentially, driven by strong AI and server demand in advanced computing, while PC-related revenue is largely stable and tablets decline mostly due to seasonality, as well as increased capacity allocation to opportunities in smartphones.

We acknowledge that industry forecasts for the PC market continue to be revised lower, and we generally agree with that view, expecting some decline in calendar 2026. That said, we believe our performance should outpace the broader market, supported by continued increases in BOM content driven by our total solution strategy.

Near-term PC demand appears stable for the June quarter, but visibility into the second half of the calendar year remains limited given ongoing macro and component-related uncertainties. In advanced computing, we continue to see strong momentum, with demand increasingly centered on our medium-voltage solutions supporting server and AI infrastructure.

Importantly, we're seeing a broadening of both our customer base and application footprint, with growing engagement across multiple platforms. These solutions are being deployed across both GPU- and CPU-based architectures and are benefiting from the ongoing shift towards inference workloads, which are driving higher and more distributed power requirements.

While we continue to view 48V to 12V intermediate bus architectures as the near-term standard that we are benefiting from today, we see this as a stepping stone towards higher-voltage systems, including 800V architectures expected to begin emerging around 2027. In graphics, we expect a more muted environment in calendar 2026 given the current product cycle and allocation priorities, with the next major refresh opportunity tied to future platform transitions.

Overall, we expect another quarter of strong sequential growth for advanced computing. Turning to the consumer segment, March quarter revenue was down 9.8% year-over-year and up 0.8% sequentially, and represented 11.8% of total revenue.

The results were below expectations for mid-single-digit sequential growth, as recovery in gaming following a sharp inventory correction in the December quarter was offset by softness in home appliances. On a year-on-year basis, wearables continue to see strong year-on-year growth driven by market share gains, new customer engagements, rising BOM content, and a broader mix of end applications.

For the June quarter, we expect consumer segment revenue to remain relatively flattish sequentially. In gaming, demand is tracking in line with our expectations as the current console cycle matures.

While near-term production levels reflect seasonality as well, we remain closely engaged with a leading customer on their next-generation platform. We believe our established relationship and strength in high-performance power solutions position us well to participate more meaningfully as that platform ramps, with a greater impact expected beginning in 2028.

Home appliance demand remains relatively soft and continues to reflect a cautious consumer demand environment with limited signs of near-term recovery. That said, we continue to see ongoing design activity that supports longer-term opportunities, particularly in emerging markets.

Wearables are progressing through their typical seasonal patterns following recent strength, and we continue to benefit from solid customer engagement and a broadening mix of applications. Next, let's discuss the communication segment.

March quarter revenue was up 18.7% year-over-year and up 1.9% sequentially, and represented 20.6% of total revenue. The results were ahead of our expectations for a mid-single-digit decline, driven by strong year-over-year growth from our Tier 1 smartphone customer and BOM content expansion, offset by softness in China due both to a weaker market and our prioritization towards premium models in the US.

Looking ahead to the June quarter, we expect communication segment to decline slightly sequentially, but sustain the high year-over-year growth experienced in the March quarter as demand from our Tier 1 US smartphone customer remains robust. As mentioned, we are prioritizing capacity for our Tier 1 US smartphone customer in order to prepare for upcoming product cycles.

We continue to benefit from strong positioning in premium models, where our differentiated silicon and packaging technologies for battery protection are enabling higher BOM content. In particular, increasing charging currents across new smartphone platforms are driving incremental content opportunities, reinforcing our ability to capture greater value per device.

At the same time, we remain mindful that rising memory pricing could impact overall smartphone demand, particularly in more price-sensitive segments and regions. However, we believe premium-tier demand will be more resilient, and our strategic focus on higher-end platforms positions us well to navigate this environment.

As a result, we expect continued growth in calendar 2026, driven by both content expansion and continued engagement with leading global smartphone customers. Now let's talk about our last segment, power supply and industrial, which accounted for 17.4% of total revenue and was down 13.1% year-over-year and up 5.3% sequentially.

Overall, the results were in line with expectations for mid-single-digit sequential growth, as sequential growth in quick chargers and DC fans more than offset continued sluggishness, both sequentially and year-on-year, in solar, power tools, and e-mobility. Looking ahead to the June quarter, we expect power supply and industrial revenue to increase mid-single digits on a sequential basis, primarily driven by momentum in e-mobility, particularly in the India market where we have built a solid backlog heading into the quarter.

DC fans also remain an area of strength, benefiting from continued demand tied to data center and AI infrastructure buildouts. Lastly, power tools are also forecast to increase modestly in the June quarter; however, overall tool demand remains subdued.

In closing, as we move into the June quarter, we expect a return to sequential growth along with margin expansion supported by improving product mix and a greater contribution from higher-value applications, particularly within advanced computing. We are seeing encouraging signs of traction in areas such as AI infrastructure, where demand is broadening across a wider set of applications and customers, and where our solutions are gaining adoption in both GPU- and CPU-based platforms.

This momentum, combined with increasing BOM content across key end markets, positions us well as we enter the second half of the year, even as overall visibility remains somewhat limited. At the same time, we are executing consistently against the strategy we have outlined.

Our focus on becoming a provider of application-specific total solutions is enabling us to expand both our product portfolio and our customer reach. We are seeing tangible progress in advanced computing, where our medium-voltage and power IC solutions are addressing a growing range of use cases and where our customer base continues to broaden across hyperscalers, cloud service providers, and platform partners.

In parallel, we continue to benefit from structural drivers such as rising power requirements and increasing charging currents, which are driving higher BOM content in both computing and smartphone applications. Looking across calendar 2026, we expect a dynamic environment with some uncertainty in consumer-related demand, particularly given the impact of memory pricing on end markets such as PCs and smartphones.

However, we believe these pressures will be partially offset by our increasing exposure to higher-performance, less price-sensitive segments, such as our ability to capture greater value per system through our total solutions approach. Importantly, we are investing with discipline to support these opportunities, with targeted R&D focused on areas where we have clear differentiation, strong customer alignment, and a path to sustainable margin expansion.

As we look beyond 2026 and into 2027, we expect the benefits of these investments and design wins to become more pronounced as new programs ramp into production. The combination of expanding participation in advanced computing, increasing BOM content, and a broader and more diversified customer base are expected to drive stronger growth and improved profitability over time.

With that, I will now turn the call over to Yifan for a discussion of our fiscal third quarter financial results and our outlook for the next quarter. Yifan?

Thank you, Stephen. Good afternoon, everyone, and thank you for joining us.

Revenue for the March quarter was $163.8 million, up 0.9% sequentially and down 0.5% year-over-year. In terms of product mix, DMOS revenue was $115.1 million, up 13.9% sequentially and up 7.7% over last year.

Power IC revenue was $46.9 million, down 20.3% from the prior quarter and down 14.1% from a year ago. Assembly service and other revenue was $1.8 million, as compared to $2.5 million last quarter and $0.4 million for the same quarter last year.

Non-GAAP gross margin was 21.7%, compared to 22.2% last quarter and 22.5% a year ago. The quarter-over-quarter decrease was mainly impacted by lower utilization and higher operation costs.

Non-GAAP operating expenses were $44.3 million, compared to $41.3 million for the prior quarter and $39.7 million last year. The quarter-over-quarter increase was mainly due to higher R&D expenses.

Non-GAAP quarterly EPS was 28 cents loss, compared to 16 cents loss per share last quarter and 10 cents loss per share a year ago. Moving on to cash flow, operating cash flow was negative $8.3 million, compared to negative $8.1 million in the prior quarter and positive $7.4 million last year.

In the March quarter, working capital fluctuated by $14 million. EBITDA, excluding equity method investment income and loss, was $5.9 million for the quarter, compared to $9.7 million last quarter and $14.7 million for the same quarter a year ago.

Now let me turn to our balance sheet. We completed March quarter with a cash balance of $190.3 million, compared to $196.3 million at the end of last quarter.

In the March quarter, we repurchased 214,000 shares for $4.2 million under our share buyback program. We also repurchased 292,000 shares of employee restricted stock units vested during the quarter for $6.2 million.

Net trade receivables increased by $9.3 million sequentially. Days sales outstanding were 20 days for the quarter, compared to 25 days for the prior quarter.

Net inventory decreased by $1.1 million quarter-over-quarter. Average days in inventory were 139 days for the quarter, compared to 140 days for the prior quarter.

CapEx for the quarter was $12.1 million, compared to $15 million for the prior quarter. We expect CapEx for the June quarter to range from $15 million to $17 million.

With that, now I would like to discuss the June quarter guidance. We expect revenue to be approximately $168 million, plus or minus $10 million.

GAAP gross margin to be 22.3%, plus or minus 1%. We anticipate non-GAAP gross margin to be 23%, plus or minus 1%.

GAAP operating expenses to be $52 million, plus or minus $1 million. Non-GAAP operating expenses are expected to be $45.5 million, plus or minus $1 million.

Interest income to be $1 million higher than interest expense, and income tax expense to be in the range of $1 million to $1.2 million. With that, we will now open the call for questions.

Operator, please start the Q&A session. We will now begin the question-and-answer session.

Please limit yourself to one question and one follow-up. If you would like to ask a question, please press *1 on your telephone keypad.

To withdraw your question, press *1 again. Please pick up your handset when asking a question.

If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster.

Great. Hey, thanks so much for taking the questions, and congrats on the really solid progress there in the advanced computing side.

Thank you.

Maybe first just thinking about the gross margin. We bottomed here in this quarter, but you have it seems like maybe record computing or advanced computing revenue.

My suspicion would be that you would have maybe a little more IC and maybe higher-value products going into that segment. How do we square where the gross margin sits and how we should think about maybe that gross margin in terms of the data center or these AI opportunities for you?

Thanks, David, for the question. Yes, we are driving margin improvement through our advanced solutions, and those advanced solutions can come in the form of both MOSFETs as well as ICs.

Right now, we are seeing some of our medium-voltage MOSFETs actually gaining traction, and this is going into applications such as hot swap as well as intermediary bus conversion that go into various data center type of and server type of applications. The margin here actually is quite decent, and many of these medium-voltage MOSFETs can actually be higher than some of our power IC products, too.

We are happy to see the contribution of these high-performance MOSFETs contributing as part of the margin improvement.

Great. Thanks for your color.

There certainly helpful. Then as you think about the growth opportunity within that segment specifically, you say it's about 25% of computing revenues today.

Where do you think that could grow to? What would be a good mix that you would be targeting perhaps maybe in that segment?

Potentially when could you split that out and call it its own segment?

It's a good question. It is becoming a sizable portion of our computing segment.

It is something that, when we look at advanced computing, just as a reminder, includes AI, it includes server, as well as graphics. The reason we grouped those together is because the solution set for those are ended up being quite similar.

There's quite a bit of synergy when it comes to the products and the technology, as well as the end markets and applications that we serve into. Yes, we're happy to see it jump to becoming 25% of computing.

This was faster than our original expectations for this because again of the traction that we're seeing with our medium-voltage devices. We do expect that this will continue to grow in the June quarter and in the coming quarters.

This is something that we have been investing in as a company. Some of the R&D that we've been investing in as we talked about in the previous quarter is going into these markets.

It's for all types of high-performance solutions for AI and including these medium-voltage devices. Okay.

Great. Maybe one more if I may.

Just kind of thinking about the capacity and you talked about expanding that for the medium-voltage side. Can you talk maybe about where you're putting that capacity in?

Is that in your domestic facility or is that in your third party that you're building out there on that capacity?

It's a little bit of both. We do use a mix of both internal as well as external.

We are investing internally and for some of the packages that are being done internally as well as working on expanding on other options for diversifying our supply chain. It's both.

Thanks so much. I'll jump back in the queue.

Thank you.

Hey, this is Sol Moing on for Tore Svanberg. Thanks for taking my question.

Regarding the memory supply constraint you previously cited, are you kind of seeing Tier 1 customers in PC and smartphone segments trimming a bit of their build forecast for the second half of the year in anticipation of these rising costs? Or is the headwind kind of primarily a risk to end-consumer price sensitivity?

Just any color on how you see this memory situation play out throughout the year and any strategies on offsetting this situation would be great. Thank you.

Sure. For us at least, when we say the consumer facing, we're talking about mainly PCs and smartphones.

Those are the biggest impacts for us. The PC side, yes, over there, they are seeing the impact of memory shortages.

For now, there's also we're seeing some of our customers trying to build out sooner just in order to get products out. There is, from market reports as well as speaking to our customers, there's a lot of uncertainty about the second half about where PC forecast will go.

We've also had similar viewing on this in that's reflected in our outlook also, too. Our story in on the PC side is, this is something that the industry will have to work to resolve.

Our path here is still focused on how to grow share as well as to grow our BOM content in that application. On the smartphone side, our business tends to be more on the premium phone side.

In that end of the spectrum of smartphones, we are anticipating that it'll be a little more resilient to memory shortages. We are prioritizing towards, again, towards the makers of those premium phones.

We actually still expect to grow our business in the smartphone side mainly because it's not only because they're premium phones, but more specifically because those phone designs, they are increasing the charging currents. We are seeing BOM content increasing because we are introducing new products to serve those sockets with higher ASP that can help to make up for any challenges on maybe the lower end of the market for smartphones.

Great. That's super helpful.

Kind of as a follow-up, for next quarter, you're guiding a bit of a sequential gross margin recovery in the June quarter. Given that March utilization was a tiny bit of a headwind, how much of this sequential improvement is driven by maybe an uptick in loading versus a improvement in product mix, perhaps from higher-performance applications?

Thank you.

Sure. Guided June quarter margin quarter-over-quarter like 130 some basis points improvement.

I would say half of it is anticipated to be, utilization improvement, and the other half is from our improved product mix. Yes.

Great. That's very helpful.

Thank you. If you would like to ask a question, please press *1.

Hey, thanks for taking the follow-up here. Just want to ask maybe on the pricing side.

I know a few of your peers and competitors are certainly pressing pricing, it seems, on the MOSFETs and resetting those prices. Just wondering what you're seeing in the marketplace and what your opportunity set is in order to reprice, and are you getting the benefit of maybe some positive or more favorable tailwinds there?

Sure. In the March quarter, we saw a slower ASP erosion than the December quarter.

It looks like pricing environment is improving. That's definitely a plus.

However, we count more on the product mix improvement and also our new product development to capture more high-performance and high-value sockets that Stephen just talked about. That probably will contribute more to our margin improvement.

Okay. Great.

Maybe just last one from me. Stephen, if you think about the progress you've made, you've clearly made a lot of progress in this total solutions approach and even driving these higher-value, higher-margin products.

Where do you think you are along that roadmap? Are you where you thought you would be, or are you maybe better or maybe not as far along?

How do you think if we look back in a year from now, how do you think we'll see that success having played out? Thank you.

Sure. It can never be fast enough.

I'm always anxious to to to accelerate this, and this is again why we are investing to accelerate that. There is a clear difference in the types of products that we are shipping now compared to a few year few years ago.

That's also reflected in our customer base, the type of applications that we go after, the Tier 1 customers that we are serving, and the reason why we can build better traction with these customers is because of the higher performance, and that has to come through differentiation. Application-specific is working.

We are investing to accelerate that. This is this is going to be our path.

That part of our vision of how we get to our billion-dollar milestone, and and it's definitely worth investing in to to see the results.

Thanks. Best of luck on the quarter, and certainly

Thank you. If you would like to ask a question, press *1 to raise your hand.

Thanks for taking the question, team. I wanted I did miss the prepared remarks, if you covered this, but I wanted to understand some of the strength that you saw in the compute segment.

It seemed like there was acceleration in the compute supply chain quarter-to-date, similar to the smartphone supply chain, about where we were last year in 1Q and early 2Q. To what extent was that at play in the results, and what do you think it means for the year's linearity, first half versus the second half calendar?

If we're talking about computing, I think we should talk about maybe the subcomponents of that. The PC portion, I think, overall, was a little bit of we already saw the correction in this quarter from the last quarter, but mainly because of memory challenges.

The growth area that we see is particularly in what we call the advanced computing. That's comprised of AI, server, as well as graphics.

In particularly, we're seeing our solutions, particularly our medium-voltage solutions for AI, that's going into hot-swap applications, intermediary bus conversion. Those are products are really starting to take off and started to ramp in the March quarter.

As we commented in the prepared remarks, this is representing the advanced computing is representing about 25% of total computing, which is really exciting for us. We are expecting that this momentum will continue further going into the coming quarters as we continue to ramp our business.

We talked a little bit about, we also are expanding some of our capacity to support this growth as well.

That's really helpful. Congratulations on the mix shift, Stephen.

That would also imply that there must have been a pretty steep fall-off in either the traditional compute business or the gaming card business in the quarter if mid-voltage surged that much. Can you speak to what happened elsewhere in the segment and how that all netted out given the significant rise in mid-voltage hot swap and other things?

Sure. As we mentioned, the standard PC is undergoing challenges due to memory shortages.

It's also a low season for the March quarter, but we do just see some correction due to that, and that was already anticipated from the previous quarter. Graphics cards also grew a little bit from the last quarter, but overall that segment is not as robust as it was maybe a year ago when those graphics cards were first launched.

We're expecting that graphics cards is also going to have some challenges in procuring both memory as well as GPUs that can limit total industry shipments for cards. Overall, our share still remains strong, and it's still a good core part of our business.

This is why we see that and excited that the advanced computing portion of the business can offset drops and challenges on the PC side and a little bit slowdown on the graphics side.

Just to understand the dynamics in the advanced computing side, can you speak to the OEM diversity that you have within that business? To what extent is it more GPU-related systems versus maybe x86 systems that are seeing a resurgence as we see rising agentic workloads?

Sure. We're happy that our solutions are going into, as you mentioned, a far more diversified customer base.

This is going into data center server makers, as well as cloud service providers. This solution right now is serving generally the 48V to 12V conversion, and this architecture is pretty common in many server, just general server applications.

Our solutions there can be generally used in many of those applications.

Traditional server applications. Got it.

Then just moving on to gross margin dynamics. One of the things we're starting to hear from company guides is that rising input costs is putting pressure on packaging and chip costs.

As we think through the course of the year, and this is more of a question for you, Yifan, but how do we think about the gives and takes between what could be rising chip costs and potentially your ability to either offset those or pass those through, and then the potential for volume to benefit overhead absorption?

Sure. Then March quarter ASP erosion is a little bit better, yeah, compared to the December quarter.

Since pricing environment is improving, so that we definitely welcome that. We're monitoring the market and then manage our own pricing and product mix and then, yeah.

We count more on those new products getting to those high-performance, high-value sockets. That Stephen just talked about.

We want to grow that part of the business definitely can help us to improve gross margin.

Yifan, it's not clear to me if you're seeing rising input costs and to what extent or not. Can you just speak to that point specifically and the degree to which that is something that you're able to mitigate with cost pass-throughs or if that's something we should be aware of as we think about COGS impacts later this year?

Yes, we are seeing some increases in input cost. Definitely.

Some material cost and then some foundry subcontractors that prices. Yes.

While managing our the product mix and then digest some and our managing our pricing environment. Those increases in input costs and pricing environment and then already built into reflected in our guidance of the June quarter.

Okay. Thank you.

Thank you.

Thank you. Before we conclude, I'd like to highlight a few upcoming investor events the management team will be participating in: the B.

Riley Securities 27th Annual Institutional Investor Conference on May 20th in Marina del Rey, California; the Stifel 2026 Boston Cross Sector One-on-One Conference on June 3rd in Boston, Massachusetts; and the Jefferies Semiconductor IT Hardware & Communications Technology Conference on August 26th in Chicago. If you wish to request a meeting, please contact the institutional sales representative at the sponsoring bank.

With that, this concludes our earnings call today. Thank you for your interest in AOS, and we look forward to speaking with you again next quarter.

Thank you.

Thank you.