Meenal Sethna : Yes. That’s a great question, Josh. As you mentioned, we made really good progress this year on inventory reductions. As I’ve been talking about the past few quarters, that’s been a huge working capital focus area for us, and that’s been a nice tailwind as it relates to our cash generation this year. We are running at about 115-ish days or so of inventory on hand, but they are targets somewhere 100, maybe a little bit more than 100 days of inventory on hand. The biggest change for us versus the reference point you mentioned is, as our business has evolved versus pre-pandemic times, there’s different mix, some of which have longer lead time. And as we continue to grow our OEM-related business, where we’re holding a lot of our own inventory also that adds a little bit more.
So I would say, our target may be a little higher than historical, but at the same time, we’ve got more progress that we can make that’s going to help us from a cash generation, still going into the end of the year and going into 2024. So I’m pretty pleased with where we are, the progress we’ve made and where we’re heading. I think our teams have done really a tremendous job on managing through some really challenging market dynamics.
Joshua Buchalter : I appreciate all the color there, and you actually teed up my follow-up pretty nicely. You called out softness in consumer and personal electronics, but it’s sort of stabilizing. Could you remind us of, within your electronics segment as we sort of think about this inventory digestion, the exposure between things like consumer, personal electronics, datacom and industrial and automotive. Anything you can help us quantify, it would be great.
David Heinzmann : Yes. What I would say is, on kind of the consumer facing the consumer electronics side, that’s around 20% or less of our electronics business or if you think about it corporately, it’s less than 10% corporately. We don’t really break out industrial within electronics, specifically. But keep in mind, our power semiconductor business has a heavy industrial piece to that, and some of the core electronic as well. So it’s a meaningful portion. In fact, we’ve talked about from an end-market exposure as a company, although we have our reporting segments, which are technology-based, kind of keeping in mind that we have about 1/3 of our revenues that are targeting — that are ending up in the transportation space, and that’s kind of split 50-50 between commercial vehicle and pass car, about 1/3 in traditional electronics and about 1/3 in traditional industrial applications. So hopefully, that helps to give you a little color.
Operator: [Operator Instructions] And it appears we have no further questions this morning. Mr. Kelley, I’ll hand things back to you for new closing comments.
David Kelley : Thanks, Bo, and thanks, everyone, for your questions. That concludes our Q&A session. Thank you for joining us on today’s call and for your interest in Littelfuse. We look forward to speaking with many of you at the November 8, Baird Global Industrial Conference and the November 9, Stifel Midwest One-on-One Growth Conference. Have a wonderful day. Thank you.
Operator: Thank you, Mr. Kelley. Again, ladies and gentlemen, that will conclude the Littelfuse Third Quarter 2023 Earnings Call. Again, thank you so much for joining. I wish you all a great day. Goodbye.
