Craig Ellis: And then, going back to some of the things that are happening in the ADAS portfolio, Donald, can you talk a little bit more about some of the developments in radar over the last 3 months? And then I have one more after that if you’ll take it.
Don McClymont: Well, as you might recall, we announced our radar win, I guess, 18 months to almost 2 years ago now. And so we’ve been on a very intense development phase through that, which as we mentioned in the prepared remarks, now we’re coming to the end of, which is a big milestone for us. In addition to that, the visibility that we have of OEMs beginning to commit more programs is only increasing as a factor of our increased confidence in our execution which is now largely behind us and what we can see happening in the market. In terms of the potential for that market additionally, all we see is more radars being deployed for more diverse functions. Again, as we mentioned in the prepared remarks, there’s perhaps somewhat unexpected applications which we’re seeing now for things like road quality, monitoring of air-based suspension systems where the radars are really being deployed as multifunction sensors, not only for ADAS and we expect fully that we’ll participate in those markets.
So, our future is so bright in that one, we need to wear our shades.
Craig Ellis: Well, very hit reference there. Thank you for that. And is it possible to quantify the customer breadth that you have in the backlog in the ADAS area? And if you can, then it’d be helpful to get that in the User Experience area as well?
Don McClymont: Yes, I mean, I would say, over the last 12 months, we kind of filled out any remaining gaps in customer portfolio that had and when we called out in the prepared remarks also. I mean, we’re really everywhere now. We really have some content at all OEMs and all Tier 1s. Some more significant than others, but it is very diverse. And what we’re beginning to see over the last 12 months perhaps really over for the first time is that the cross-selling within a single customer for our different product lines is gathering momentum and that has kind of a multiplicative effect on how we expect our revenue profile to grow in the future. So, I mean, couldn’t be happier with where we are on that actually.
Tom Schiller: In fact to kind of quantify that, we’ve got 12 unique product areas, 20 Tier 1s within the backlog. And then as we’ve mentioned, we’re selling now to virtually every car OEM in the world.
Operator: Our next question comes from Cody Acree of The Benchmark Company.
Cody Acree: Yes, guys. Thanks for taking my questions and congrats on the progress. Could you maybe — Donald, could you just speak a little bit to what makes up your $1 billion of visibility for ’28? I guess, if you can give us any kind of direction as to what constitute that backlog?
Don McClymont: Well, I mean the way our backlog is constructed. It’s measured over a period of time. And of course, one of the nice things about automotive, although it takes a long time to get revenue going, it tends to last for a long time after you start. So, the run rate I called out as a benchmark around 2026, you could assume as being in the bag 2 years after that. And then the remaining part of our bridge to between there and the $1 billion in 2028 is based on a pipeline that we have in place, which is a number of multiples of larger than the strategic backlog that we declare. And when we say we have visibility, that means that we’ve been working with somebody for a long time. I mean some of these sales cycles are extremely long, multiple years of jumping through hoops and jumping over hurdles and displaying technical capability to get these guys on board and bought into our technology regardless of how good it may appear.
They don’t take much for granted in this industry. And so as a result of that, we got a lot of visibility in our pipeline of what’s likely to convert over the next couple of years, push forward will get us into the position that we feel that we’re going to be in 2028 around $1 billion of revenue. So we feel pretty bullish about that and hopefully, who knows, we can maybe even beat that a little bit.
