“For 2024, expect $1.5 billion to $1.8 billion and for 2025, expect $2 billion to $2.5 billion.”

In context

“e margin accretive? Thank you. Rafael Lizardi: Yes, so the math is still the same. The fault-through issue used is 70% to 75% that is still a reasonable starting point. You then have to adjust for depreciation, as you alluded to, and our depreciation, I gave you an update on that 90-days ago, but I'll reinforce that in a second, but you have to adjust for that. And then there are always put some takes on any given quarter, like right now it's underutilization, but at some point that goes the other way. Throughout this time, as you pointed out, we will continue to benefit increasingly from 300 millimeter, more 300 millimeter wafers, which have a cost advantage. So, let me go back to the appreciation just to make sure everybody has the right number. It's the same as what I said 90 days ago. For 2024, expect $1.5 billion to $1.8 billion and for 2025, expect $2 billion to $2.5 billion. Dave Pahl: Thank you, Josh. We'll go to the next caller, please. Operator: Our next question comes from the line of CJ Muse with Cantor Fitzgerald. Please proceed with your question. CJ Muse: Good afternoon. Thank you for taking the question. I guess first question, your revenue outlook for March basically gets us back to kind of pre-COVID first-half 2020 levels, yet at the same time your inventory is roughly double. And so curious, how are you thinking about kind of normalized inventory over time? And also, how are you thinking about coming out of the trough, what kind of a gross margin recovery will look like given where your inventory levels are today? Rafael Lizardi: So that's a multi-part question in many angles to that. What I would tell you, high level, we're very comfortable with”