Quinn Bolton: Hi, Bill. Congratulations on the nice results. I just wanted to see if you could give a little bit more color on what you see going on at the largest customer. Obviously, they had a big forecast change back in February. Wondering if the forecasts have held fairly stable since that time? And I think if I caught it right in your prepared remarks, you mentioned AECs not only for general compute but also AI at your largest AEC customer. And I’m wondering if you could share some more details there? I thought the AI opportunity with your largest AEC customers is really more of a calendar ’24 maybe even calendar ’25 opportunity, so wondering if things have pulled in on that front?
Bill Brennan: So generally at our largest customer, we’re still hard at work executing to the backlog and forecast that we’ve got. We’re doing a good job there. The recent information that we’ve got as to how they’re using our current generation of AECs, we talked about AI deployments also with the need for front-end networks and we’ve learned that there are certainly add employments at this customer that are using our switch cable as part of that front-end network. And so it said, relatively significant portion of the AECs that we’re shipping today are going into AI applications in addition to general compute. I think it’s no secret that there has been a pretty big shift in their spend that we’ve seen over the last six months.
And as you know, it look long-term, I think we’re well positioned from the standpoint of both general compute and AI. I’ve talked a lot about the program that we’ve been working on for more than a year and this is an internally developed program that’s moving straight to 100 gig lanes, they’re going to use AECs for [interact] connectivity between their appliances and the top of rack switches for the back-end network. And then – so I expect us to participate in both the back-end and front-end network of those clusters that are deployed. And for next-generation general compute, as they move to 50 gig lane speeds, I think we’re well aligned with this customer on AEC solutions.
Quinn Bolton: And maybe just two quick clarifications there. Was that AI internally developed AI rack because that’s still kind of should we be thinking kind of later in calendar ’24 or early calendar ’25, any update on timing? And can you guys share what percent of revenue the largest customer was in the July quarter?
Bill Brennan: I’ll let Dan answer that.
Dan Fleming: Yes. So from a 10% customer basis, what you’ll see in a couple of days when we file our Q is that we had three 10% customers. The largest of which was 41% and so that largest customer has remained the largest customer over recent history. So obviously there are still a material contributor to our overall revenue mix.
Bill Brennan: And then as far as your question about timing, the timing on these new programs is really hard to nail down. I can say that it’s very highly prioritized within our customer and we’re very, very active in executing on that design and qualification. And so I think we’ve signaled that it’s possible for it to – for the early part of the ramp to happen within this fiscal year, but it’s really more of a fiscal ’25 overall around.
Quinn Bolton: Okay. And then for Dan. Congratulations on the gross margins, especially coming at the high end of the range with the IP mix being fairly low this quarter. You talked about margins benefiting from product mix. But it sounds like AECs are still pretty, pretty significant contribution to product revenues. Can you give us any more color on what’s driving that margin strength within the product group?
