Good afternoon. My name is Kelly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Power Integrations' Second Quarter 2016 Earnings Conference Call. All lines are in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session. Thank you. I will now turn the call over to Joe Shiffler, Vice President of Investor Relations. Please begin sir. Joe Shiffler - Director, Investor Relations & Corporate Communications: Thank you. Good afternoon. Thanks for joining us to discuss Power Integrations' financial results for the second quarter of 2016. With me on the call are Balu Balakrishnan, President and CEO of Power Integrations; and Sandeep Nayyar, our Chief Financial Officer. During today's call, we will refer to financial measures not calculated according to Generally Accepted Accounting Principles. Please refer to today's press release available on our website at investors.power.com, for an explanation of our reasons for using such non-GAAP measures as well as tables reconciling these measures to our GAAP results. Our discussion today, including the Q&A session, will include forward-looking statements reflecting our forecast of certain aspects of the company's future business and financial results. Such statements are denoted by words like will, would, believe, should, expect, outlook, estimate, plan, goal, anticipate, forecast and similar expressions that look toward future events or performance. Forward-looking statements are based on current information that is dynamic and subject to abrupt changes. Our forward-looking statements are subject to risks and uncertainties, which may cause actual results to differ materially from those projected or implied in our statements. Such risks and uncertainties are discussed in today's press release and in our most recent Form 10-K filed with the SEC on February 11, 2016. This conference call is the property of Power Integrations, and any…

Sure. [Operator Instruction] The first question comes from the line of Christopher Longiaru of Sidoti Company. Your line is open. Christopher J. Longiaru - Sidoti & Co. LLC: Hey, guys. Nice execution. Balu Balakrishnan - President, Chief Executive Officer & Director: Thank you. Sandeep Nayyar - Vice President, Finance & Chief Financial Officer: Thank you. Christopher J. Longiaru - Sidoti & Co. LLC: My first question has to do with, you talked about the end market expansion. Can you give us just a little clarity into what the timing on some of these products are because obviously the consumer stuff is quicker right, and some of the other stuff takes longer. So, just to get an idea of how you see infiltration of that going forward? Balu Balakrishnan - President, Chief Executive Officer & Director: It is true, Christopher, that certain markets are faster. So, if you look at what has increased the addressable market this year, is primarily the iDriver, SCALE-iDriver, which adds 500 million to our 2.5 billion addressable markets. So that brings the total to 3 billion. However, we have additional products that are coming out, including our next edition InnoSwitch that'll add to the addressable market this year, and plus some additional products next year that'll expand the market further. So, I would say, in terms of time to revenue, some of the lower power markets are faster. They are typically in the six-month to 12-month range that as the high power products tend to be more in the year to year-and-a-half kind of a design cycle, for example, for the iDriver. Christopher J. Longiaru - Sidoti & Co. LLC: Got it. Okay. And the only other question I had was, so that the mix was the factored at pressure gross margin that – was there…

Your next question comes from Ross Seymore of Deutsche Bank. Your line is open.

Hi, guys. Congrats on the strong quarter. Just looking at the upside in the quarter, obviously, we know in retrospect where it came from, but just talk a little bit about how the quarter played out and how it differed so much from your original guidance. Balu Balakrishnan - President, Chief Executive Officer & Director: Well, clearly, we've done better than we expected in the cellphone or the communications market I should say, particularly, in the rapid charging market with InnoSwitch. We have exposure to all of the Tier 1 customers except one. And the ones in China have done extremely well, and particularly there is one Chinese OEM who has done extremely well. But I would say that all of our Tier 1 customers have done well in terms of rapid charging products we ship to them. And we got to be careful, because when we ship rapid charging products, it's not only the unit volumes, but it's also the content is so much higher for us. So, our revenue doesn't necessarily reflect the number of units of smartphones or even rapid charging phones. But as far as we are concerned, it's been a significant growth in that market. The second area where we've done very well, of course, is industrial, where we've grown double-digits sequentially. And that has been across multiple areas including high power, LED, metering, electric charges for electric vehicles like bicycles, and also charges for power tools and lawnmowers and so on and so forth. It's very, very broad based. So, those are the two main areas.

So, I guess, looking forward, Sandeep, you talked about the mix remaining relatively stable. In this last quarter, I, kind of, flipping the question from the first questioner on its head. Given the strength in the communications side, I'm actually surprised that you're able to stay pretty close to the low end of your margin range. Are you starting to get any cost benefits from the higher volume of the InnoSwitch products? Sandeep Nayyar - Vice President, Finance & Chief Financial Officer: Absolutely. And that's why I think we are able to talk about the margin remaining, even though the Yen is going to start impacting us in Q4, it is the higher volume that we're going. We don't have our own fab. We don't have as much fixed cost, but we do have some fixed cost. And that is what is actually enabling us and helping us offset the Yen impact that we are starting to see. And that's why we were mentioning that we expect the margin to remain in the level compared to Q2 for the rest of the year, and the mix also to remain the same.

And I guess as my last question. Any sort of color on the channel inventory. I know you guys recognize on sell-through. So, it's not a revenue issue as of today, but did that get depleted down to a level that you're comfortable that you're not going to have any sort of a digestion after such a big pop in the communications side? Sandeep Nayyar - Vice President, Finance & Chief Financial Officer: No. The weeks in the channel are down from – last quarter, was 7.3 weeks, which is, as you know, was mainly because of Chinese New Year. And now it's down to 6.5 weeks. So, typically we run at 5.5 weeks, six weeks. So, you may say it's slightly, but it does not – I won't say, of any significance.

Okay. Great. Congratulations again. Sandeep Nayyar - Vice President, Finance & Chief Financial Officer: Thank you. Balu Balakrishnan - President, Chief Executive Officer & Director: Thanks, Ross.

And your next question comes from the line of Tore Svanberg of Stifel. Your line is open. Tore Svanberg - Stifel, Nicolaus & Co., Inc.: Yes. Thank you. Nice quarter. First question, can you talk a little bit more about your relative visibility going into the quarter? I know in Q2, obviously, you had the sell-through phenomenon from Q1. So, as you head into the September quarter, where do you stand on backlog? Sandeep Nayyar - Vice President, Finance & Chief Financial Officer: Our backlog is better than in the past. As you've noticed that our turns have been gradually going down. So, we've built a reasonable backlog in Q2. Our bookings in Q2 was sequentially better than in Q1, consistent with our forecast for Q3. So, I think, we are in a stronger backlog position than we were in Q2 for Q3. Tore Svanberg - Stifel, Nicolaus & Co., Inc.: Great. Thanks. And, Balu, as we look at InnoSwitch impacting the rapid charge market and you talked about power levels continue to go higher and higher. How should we think about that in light of your prices? So, would you have higher content, let's say, in a 7.5-watt charger versus a 20-watt one? Balu Balakrishnan - President, Chief Executive Officer & Director: Absolutely. One of the unique things about our product is, it integrates a switch in it. As you go to higher power levels, your content is higher, and therefore, our ASP would be higher. Tore Svanberg - Stifel, Nicolaus & Co., Inc.: Very good. And then lastly, could you also elaborate a little bit on the latest PEM (24:00) extension that you have? When should we start to think about revenue contribution from the product you just released here back in May? Balu Balakrishnan - President, Chief…

And there seems to be no further questions at this time. I turn the call back over to the presenters. Joe Shiffler - Director, Investor Relations & Corporate Communications: Okay. Well, I know it's a busy day out there for earnings. So, appreciate everyone listening in. There'll be a replay of this call available on our website, which is investors.power.com. Thanks again for listening and good afternoon.

This concludes today's conference call. You may now disconnect.