“So as we -- and in addition to revenue, as we bring more executing our strategy to load more 300-millimeter wafers and bring in more external loadings internal, the fall-through excluding depreciation will likely trend more in the range of 75% to 85% on a year-on-year basis.”

In context

“m the line of Chris Danley with Citibank. Please proceed with your question. Chris Danley: Hey, thanks for letting me ask a question, guys. Just to follow up on Ross' question in terms of gross margin. So depreciation is going up like 100 million bucks roughly per quarter for next year. But if utilization rates keep going up i.e., if nothing gets any worse, do you think -- is it possible that your gross margins are bottoming now? Or is there anything else that could drive them lower or maybe provide a tailwind, just give us maybe the mechanics around it for the next several quarters. Rafael Lizardi: Sure, sure. I'll be happy. And I'll keep it -- well, at the end of the day, yes, it is possible that is the case. It's all going to depend on revenue, of course. So the main driver is revenue. So as we -- and in addition to revenue, as we bring more executing our strategy to load more 300-millimeter wafers and bring in more external loadings internal, the fall-through excluding depreciation will likely trend more in the range of 75% to 85% on a year-on-year basis. Now, of course, any one quarter, even any one year, you may have puts and takes that you know utilization or factory loadings is one of those that sometimes it goes against you, sometimes it goes in favor. But in general, expect that fall-through in 75% to 85%, not counting depreciation. So you do the math, whatever revenue assumption you want to put over the next several quarters or years, do that fall-through and you can very easily model where -- and then I just gave you the depreciation, right. So you can then model what gross margins can do over the next several years. Chris Danley: Great. Thanks for the additional breadcrumbs. They're very useful. My follow-up is just on bookings. I think last quarter, you said that bookings were increasing every month. Is that still true? And do yo”