David Silver: Yes, hey, good morning. So, just a couple of areas to touch on. First one would be, I guess, China, right? So, roughly 25% of your revenues. And I think compared to expectations at the beginning of the year for a number of my companies, the development or the rebound from their lockdowns and whatnot has been less than expected. I was wondering if you could just take a minute or two and characterize how you think that your operations in China and whatnot have developed over the first half of this year and maybe your expectations a quarter or two out? Thank you.
David Heinzmann: Sure David, I’m happy to take that. And certainly, there was an expectation, I think, that as China came out of the lockdown after two or three years of lockdown environment that there’d be a pretty strong rebound in demand overall. And while I would say there has been an improvement in the pass car portion of China and kind of a bounce back a bit on the passenger car build in China, we certainly are not seeing a lot of strength bouncing back in China in the broader demand. From our standpoint, a lot of customer base that we have in Asia in general and certainly in Greater China is focused also on consumer-oriented like small appliances, tablets, laptops, et cetera, that market, of course, is down. And we have seen that for some time. We haven’t seen that bounce back yet. So, clearly, I would say China remains a bit of a drag from our expectations going into the year. But I don’t think we’re alone in that.
David Silver: Okay, great. And then the second question, I think I would maybe characterized it as just maybe like some incremental commentary on integration of recent acquisitions. So, I think at a couple of points in the slide deck and in your comments, you’ve talked about kind of next steps of integration, let’s say, with Carling in the auto — or in the Transportation segment, and I believe, C&K in the electronics area. I was wondering if you could just take a minute and kind of maybe discuss from a historical perspective, how that integration has gone to date? Has it met expectations where you had the greatest success? And then in particular, maybe if you could highlight the incremental integration moves that you called out in the slide deck at a couple of points? Thank you.
David Heinzmann: Sure. I’ll take that, and Meenal, you can add color if you’d like. But overall, if we take a step back and let’s look at the two bigger ones, the C&K and the Carling, Carling coming first. As Meenal talked about just in the last couple of minutes, overall, the Carling acquisition is going well, and we had a very strong year last year. If you remember, our first year of full ownership, we were up 20% over the prior year under the previous ownership. And that was really a year where we cleaned up significant amounts of backlog. So, we would say year one of that integration was well ahead of our plan because of that cleanup. Clearly, it’s challenged now with kind of both the challenge of not building out that backlog.
And then also, we’re seeing kind of inventory rebalancing from supply chain and customers that are driving a bit of a pause there. So, overall, I think it’s going well. Clearly, there is the challenge as you focus year one to make sure you’re serving those customers and embracing those customers to the best we can. Now a lot of heavy lifting going on with some footprint work that’s ongoing as well as Meenal talked about kind of our traditional way of looking at product line and customer profitability that we’re deep in the midst of now. So overall, we believe that over the next couple of years, we’ll very much be on our plan for the integration of that business. So we feel good about that. On the C&K side, had some similar sort of feels to it.
Last year was quite solid. But we also, in that case, see destocking that’s taking place with customers there, particularly that go through the channel. As you remember, that was one of the leverage points for us with C&K is the fact that our ability to leverage our channel. So there is destocking that’s taking place there. However, we’re really seeing good momentum and taking C&K products to the Littelfuse core customer base. So we’re seeing a lot of good cross-selling opportunity. And as you recall there, our big opportunity there is really sales synergies. And we’re beginning to see good momentum there, and we feel good about that. So, overall, a few dwells on inventory sort there for actions going on, right, this year. But overall, the integration is going quite well.
David Silver: Okay, great. Thank you very much.
Trisha Tuntland: Thanks David. Appreciate your questions. We’ll take the next caller please.
Operator: Next we’ll go to Joshua Buchalter with TD Cowen. Your line is open.
Trisha Tuntland: Good morning Josh.
