Jim Anderson: Yes. Thanks, Chris. And just to correct your terminology, I think we don’t call it low-end. We call it small FPGA just to be clear. Nothing low-end about 70% gross margin. But in small FPGAs, what I would say is, yes, we’re — frankly, we’re quite pleased with the progress we’re making there. Look, we — when you look at the product portfolio that we have in small FPGAs with not just Nexus, but the pre-Nexus devices and you combine that with the significant software portfolio that we built out over the last for four years plus hands down we have the strongest competitive or the strongest product portfolio in the industry that’s we feel very, very good about that. And frankly, I think it’s the strongest product portfolio that the company’s ever had in its history with respect to the small FPGA market.
And so we feel really good about the momentum we built, the growth that we’re driving in that segment. And that growth on, of course, Nexus which is our newest product line, but also even on the pre-Nexus device, the software that we’ve added on top of the pre-Nexus devices has helped, kind of, breathe new life into many of the pre-Nexus devices by new applications for those devices. And then when you had a question about pricing, I would call our pricing very durable. As Sherri mentioned earlier, the pricing optimization strategy, which we kicked off at the very beginning of 2019, we’re now beginning our fifth year of that strategy. And over that four years of execution and now into our fifth year, I would say our pricing optimization or the pricing durability that we’ve seen has been quite strong.
And so certainly back to your question around competition, we certainly take all competitors seriously. We stayed very paranoid relative to competition. But I feel really good about the competitive strength of our product line and pricing durability. And then Avant — you mentioned Avant as well and just a touch on that briefly. And we shared some of this at the Avant launch back in December, but the Avant platform delivers up to 2.5 times better power efficiency twice the performance in many cases. And I think this is really amazing. The device sizes are up to 6 times smaller than our competition. Now we’ve always assumed there’ll be robust competition in mid-range FPGAs. And so we’ve built our roadmap assuming that we’ll face robust competition.
But I think the combination of the competitiveness of Avant, the software that’s leveraged from Nexus to a Avant, the fact that the target customers of Avant are 90% already customers of Lattice today. Just put us in a good position to grow the latest product for the Avant product line over the coming years.
Christopher Rolland: Thank you, Jim. Thanks, team.
Jim Anderson: Thanks, Chris.
Operator: Our next question comes from the line of Hans Mosesmann with Rosenblatt Securities. Please proceed with your question.
Hans Mosesmann: Thanks. Congratulations, guys. Most of my questions have been answered, but just — I may have missed this. Can you comment on channel inventories, your lead times? And any supply related issues that may have come up in the last quarter that weren’t there last quarter?
