Fusen Chen: I’m sorry, I probably, it’s a misunderstanding. I was talking about high power semiconductor, right? So that’s really is always high power.
Craig Ellis: So is that IGBT Fusen or are you talking about silicon carbide?
Fusen Chen: It is IGBT, yes.
Craig Ellis: Yep, yep. Okay. And then I think that that’s auto related.
Fusen Chen: I’m sorry? Oh, yes, yes, auto.
Craig Ellis: Is that an auto related application?
Lester Wong: Yes.
Fusen Chen: That’s correct. Power control.
Craig Ellis: Okay. Thank you very much. I appreciate the help.
Fusen Chen: Yes, thank you.
Operator: Thank you. Our next questions come from the line of Charles Shi with Needham and Company. Please proceed with your questions.
Charles Shi: Hey, thank you for taking my questions. I want to go back to your comment on fiscal 2023 revenue number, do you think is going to be closer, or I mean meet or exceed the fiscal 2018 number roughly $900 million? You already guided the first quarter roughly 175, and you also provided that in March quarter you expect a little bit, more like a bottom level run rate quarter. But you expect second half to make up more of the growth to get you to roughly $900 million for the full year. But that would require second half June quarter, September quarter run rate to be somewhere closer to $300 million per quarter. How do we bridge between like your guidance for the first quarter fiscal and second fiscal quarter, something like well below $200 million to something like close to $300 million in the second half? That’s my first question. Thank you.
Lester Wong: Hi, Charles. Thanks for the question. So, traditionally the second half for us has been much stronger than the first half. In fact, historically it’s been 60% plus of the year’s revenue is in the second half. And as Fusen did say that yes, the first half is softer. The drop would either be Q1 probably, and Q2, maybe up a little bit, a little bit flat. But we also, as we indicated, based on the macroeconomic factors, which he talked about, right, in terms of within semiconductor or also just general macroeconomic factors improving in the second half of fiscal 2023, we have again, some of the new projects will start providing more meaningful revenue in the second half of 2023. So I think between all those factors, we do believe that the second half will be stronger than the first half, and it does provide us a path for FY 2022 to exceed FY 2018.
Charles Shi: Yes. But you are basically assuming, I think you mentioned about capacity digestion. That’s going to only last a couple of quarters for you this down cycle, but if I look at it historically, at least the 2018-2019 cycle, yes the digestion probably actually lasted about two years. How do you think this cycle is going to be different from the last down cycle, if you are assuming like a relatively brief capacity digestion here?
Fusen Chen: Yes, so Charles I think that we are not saying it’s going to be at a very, very high level. So at this moment, if you look at the evenly related product, I think it’s probably very, very low already. So if we have two quarters of this, so that’s what 360? So about 360, right? So let’s make a comment. I think historically, I think our second half is about 60%, right? So 60% comes say at $900 million, that’s about 540. So you add this up, so actually roughly about $900 million. And we also feel like we probably have strength on some product in the second half. And even $300 million compared to, actually upturn, it was a quarter, I think at the peak we reached was $418 million. So, I think, this is a very strange cycle.
