Sherri Luther: Yes. Thanks, Blake. So from an OpEx perspective, I mean while there can be fluctuations from quarter-to-quarter based on the timing of programs and things like that. But you certainly have seen that over the past several years that we’ve been investing quite a bit in our long-term product portfolio and demand creation. So that’s been going on now for several years. And even in the current quarter, the sequential, or in the Q3 quarter sequentially as well as year-over-year, you’ve seen that we’ve increased our R&D spend and the investments that we’re making. So investing in our product portfolio for the long-term growth of the company that continues to be an area of focus for the company. We’ve talked about the fact that we’re in the most rapid expansion of our product portfolio in the company’s history.
And so making sure that we make the right investments are very important there. And so that’s definitely important to us. We want to make sure that we do it in a disciplined way, of course. But we’re really pleased with the product launches, the customer momentum. And as we look ahead, you can expect to continue to see us want to make sure that we are investing the right amount in our product portfolio. The other just a reminder that, I’ll provide is from our Investor Day earlier this year, we talked about our OpEx, 30% of revenue and then R&D target at 18% to 20%. So that long-term investment is — continues to be an area of focus for us.
Operator: Our next question comes from the line of Christopher Rolland with Susquehanna.
Christopher Rolland: So there have been a number of companies that have reset revenue guidance recently. And it’s kind of spurred a reevaluation of customer inventory and channel inventory out there. Have you guys begun this process? Are you really comfortable with understanding the level of inventory out there particularly after this downtick in demand at least evident for Q4? And are there any patterns geographically or end markets or actually by disti themselves that you’ve noticed?
James Anderson: Yes. Thanks, Chris. In terms of inventory, let me start with distribution or channel inventory. Most of our revenue flows through, a vast majority of our revenue flows through distribution. So that’s certainly really important to us. We have very good visibility on distributor inventory, when we look at distributing inventory where it ended in Q3, I would say very much within the normal historical range for us or for Lattice in terms of levels of disti inventory. So we see that as healthy. There are 1 or 2 distributors that I would say, are still on the relatively lean side in terms of inventory, so they’re a bit lean. But overall, in aggregate, our inventory level in the channel, I would view as healthy and within normal range.
And then if we move to end customer inventory, so we have thousands of end customers. We don’t have perfect visibility of end customer inventory. There are some of our large strategic customers that give us visibility into their levels of inventory. With those large strategic customers, we don’t see any obvious signs of excess inventory or pockets of inventory with those large strategic customers. But again, we don’t have perfect visibility into that and customer inventory across all of our thousands of customers.
Christopher Rolland: Great. And perhaps another one for you. So Altera came out. They had some kind of an interesting update on kind of pre-IPO track. I guess first of all, they talked about a decline in revenue. It looks like maybe 1/3 of their revenue, peak to trough, Is there expectation for a decline. I was wondering how you guys in terms of an overall decline in revenue, how you might see that. But also, I just wanted your kind of take on refocusing on the low end with new products they have coming in the first quarter of next year. And also refocusing on the channel and Industrial and Auto, I believe, an area where you’ve taken some considerable share over the past few years.
James Anderson: Yes. So in the first part of your question, I can only speak to our business and what we see largely covered, I think, in one of the earlier questions, which is overall, for the full year, we’re looking forward to another strong year for the full year in terms of overall growth kind of despite the sequential guide down for Q4. If you look at where we’re tracking for full year, we’re pleased with the overall, the overall track that we’re on, especially given some of the macroeconomic conditions that we’re seeing in some of the end markets. So we’re pleased with our progress this year and this year to date. Now on the second part of your question, what I would say is on competition is, I would say the — I would start by saying the same thing that I said over 5 years ago, when I joined the company and probably the Lattice employees are tired of hearing me say this.
But I continue to repeat it, which is we will always assume there’s robust competition in every market that we serve and every product that we build, right? That’s our philosophy. And so beginning in 2018, when I joined the company, we assumed that there would be robust competition. We plan our products accordingly. And we feel really good about the competitive positioning of our products. Both our small FPGA portfolio. The Nexus product line is very, very competitive on power efficiency, on size efficiency, on feature set. We just launched our seventh device family based on the Nexus platform, 5 are in production and ramping, #6 and #7 will go. We expect to go into production next year in first and second half of next year, respectively. And then Avant, again, we feel really good about the competitive position of Avant.
As we shared at the launch last year, the power efficiency of Avant, feature set, the size, efficiency are great. So we feel really good about that competitive positioning. And clearly, we’ll share more about that at Developers Conference that we have in December when we launch Avant-G and X. But yes, I would say that we’ll always assume that there’s robust competition. And so, and we’ll — our goal is to always make sure our products are absolute leadership in the markets and segments that they’re targeting.
Operator: Our next question comes from the line of Srini Pajjuri with Raymond James.
Srinivas Pajjuri: Jim, given the macro weakness, are you seeing any change in your customers’, I guess, adoption of some of the new products? I understand you have a lot of them coming up and a lot of design activity out there. But given the macro, do you see any impact at all to the Avant ramps in the next few quarters?
