The non-GAAP gross margin of 53.5% expanded 370 basis points (bps) on a year-over-year basis and 30 bps sequentially. Adjusted operating expenses of $86.6 million were within SMTC's guidance range. On a year-over-year basis, adjusted operating expenses increased 11.9%. Non-GAAP operating income surged 88.9% year-over-year to $47.6 million. The non-GAAP operating margin improved to 19% from 12.2% reported in the year-ago quarter. Semtech's Balance Sheet & Cash Flow As of April 27, 2025, cash and cash equivalents were $156.5 million, up from $151.7 million as of Jan. 26, 2025. The long-term debt was $542.6 million, up from the previous quarter's reported figure of $505.9 million. During the first quarter, Semtech generated operating cash flow and free cash flow of $27.8 million and $26.2 million, respectively.