Operator
We will take our next question from JoAnne Feeney. Go ahead. Your line is open.
JoAnne Feeney, ABR Investment Strategy
Yes, thanks and congrats on that nice guidance. First, a specific question on inventories, I am wondering if you could shed a little bit of light on the situation at your distributors both US and internationally in terms of sell-in versus sell-through over the last quarter and what has transpired so far in January.
Paul Coghlan
Well, our US distributors as I said are deferred income and distributors hardly changed, so what we shipped into distributors last quarter very, very closely approximated what they shipped out. And I don’t think it’s — and it is probably quite similar or not probably it is quite similar for international distributors, so I don’t think we built any inventory at
distributors last quarter.
JoAnne Feeney
Okay, thanks. That’s helpful. And then a longer term question. The issue of long-term growth prospects came up earlier in a couple of questions and that was really a helpful clarification on the auto side. I am wondering though, longer-term, if you are trying to target 10%, do you think that this way of doing it — relying on the electronic content increases in auto and industrial — would be sufficient to generate a long-term prospect of 10% or so growth or do you need to see a turn towards a greater aggressiveness in acquisitions and what sort of metrics would you be happy with to do further acquisitions?
Lothar Maier
I think, we can do our growth plans really without the need of acquisitions. I think that history has kind of proven that out. As we talked about earlier, you we are confident that the automotive and industrial markets are going to continue to grow both, in dollars and in market share of the overall analog market, so we have got all of our design efforts or not all, but most of our design efforts, our sales efforts have management focus on those markets. As automotive and industrial grows, and if we hold our own in communications, I think the odds are pretty good that we will achieve these sort of 10% per year growth targets that we have, barring no note changes in macro environment. But as mentioned earlier, from a product standpoint, from a market standpoint, from a market penetration standpoint, we are about as well positioned as we have ever been.
Bob Swanson
Again, we are 3.5% of a 40-plus billion-dollar opportunity, so the size of the opportunity has never really been the issue for Linear.
JoAnne Feeney
Okay. That is helpful. Then just one quick question back to this quarter’s guidance. It is as someone else noted, a bit ahead of seasonal patterns over the last year few years, even post the recovery from the recession, so I am wondering if you could give us a split of the breakdown of the guidance that is coming from electronic content gains versus coming from a pick-up in those strong end-markets. Are you able to separate those two at all?
Lothar Maier
Not by quarter. No, we would not be able to do that.
JoAnne Feeney
Okay.
Lothar Maier
We couldn’t tell you that by next quarter.
JoAnne Feeney
Okay, thanks.
Lothar Maier
You’re welcome.
