Steven G. Litchfield

All right. Thanks, Jim. So I'm just going to walk you through a little bit of history who Microsemi was and really who they are today. We thought that was important for you to recognize, where we've come from. The last Analyst Day we had was 3 years ago. A lot has changed in the last 3 years, and I'm going to walk you through some of that.

So first of all, who is Microsemi? So clearly, we're no longer a only -- a defense-only focused company. We're not a discrete product company. We're not this $50 million venture-backed startup with the latest and greatest technology or the cellphone-focused or consumer-focused company that's looking to get in the latest cellphone or audio product. But yet, we're also not a volatile semiconductor company that has a poor track record of delivering results.

So what we are, though, and what we believe and we're very proud of this, that we're very much an integrated circuit company focused on Analog Mixed Signal technology. We're a communications-focused company, something that's really changed over the last few years. We have an unmatched breadth of RF, analog and mixed-signal technologies. We're a very stable semiconductor supplier, with an excellent track record of results. We're also an industry leader with regard to profitability. We have a very diverse tool set. You're going to hear a lot about this tool set today and how that tool set allows us to grow revenues and profits for our shareholders.

We have a tremendous amount of content growth. This is something else that we're going to talk a lot about today is the content and how we're growing silicon on a board.

So just a little bit of kind of the then and now, thought it might be appropriate. In 2006, we really looked like a different company, and it wasn't that long ago. Much more discrete-focused, defense/aerospace-focused. Really today, about 70% of our product is coming from ICs versus 6 years ago, 70% was really more discrete-focused technology. And now, clearly, we're much more communications-based. We've talked a lot about our communications focus. It is our largest end market. It's something that's gone up pretty dramatically in the last couple of years. But that said, I mean, we've been doing communication-based products for a long time within Microsemi.

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