Jack Kober: Yes, and I guess just to build upon that, and then to address your question spending, Tom, it’s really maintaining that continuous improvement and maintaining the profitability of the business. Those have been key attributes of the business, and that ripples through to all levels of the organization. But with regard to some of the discretionary spending items that I was referring to that flows into the operating expense line. It also flows into some of the things we’re doing from a cost of goods perspective as we look at our guide going into Q2. I touched upon a couple of things in my prepared remarks, including outside services and variable compensation and things like supplies. But there’s a number of different things that we’re doing across the organization obviously, with our top line coming down a bit.
There’s things like commissions which will be coming down. So there’s a series of items that are contributing to that. And I think one other thing is we’ve looked at the business, we’re continually looking to assess the way the organization comes together. We did have a €“ what I would call a minor staffing reduction including the consolidation of a small design center that we had. So some of those items are also contributing to the OpEx savings that you were referring to.
Tom O’Malley: Thank you, guys.
Operator: Thank you. One moment for our next question. And our next question coming from the line of Vivek Arya with Bank of America. Your line is open.
Blake Friedman: Hi, this is Blake Friedman on for Vivek. Thanks for taking my question. I’m just focusing on revenue from a geography perspective. Based on your comments and seems like sales to China customers were down about 10% sequentially in the quarter. Can you quantify the potential headwind heading into Q2? Or in general, can you provide any commentary on demand trends by geography? Thanks.
Jack Kober: Yes, this is Jack, Blake. With regard to the China revenues, I think we had mentioned that China represented 23% of our total revenue compared to 26% back in Q4 and for our full fiscal year. So not down quite as steep as what you were referring to. But it’s an area that we thought was worth noting.
Steve Daly: Yes, I’ll just add to that comment. So China continues to be a strategic market for MACOM. We see a lot of growth opportunities, not only with our high performance analog products, our laser and light wave products but also a lot of the RF and microwave components that we sell into the industrial markets there. They also have some emerging markets including green energy and electric vehicles. And so we’re constantly looking for opportunities to break into those applications with our technology. And then since you brought up the issue of geography, I just wanted to sort of highlight again that we believe that there’s tremendous growth opportunities in Europe in setting up a manufacturing facility and a wafer fab in the backyard of some major OEMs inside of the European Union will help us take our European-based revenue, which is about 6% up into the double digits.
Blake Friedman: Got it. Understood. Thank you. And then just as a quick follow-up. On past calls, I believe you mentioned a $1 billion revenue target. I think we believe it was fiscal 2025. Just given the weaker macro €“ weakening macro today, just curious if there’s any adjustment to that target?
