Operator: Thank you. And our next question coming from the line of Matt Ramsay with Cowen. Your line is open.
Sean O’Loughlin: Hey, good morning guys. This is Sean O’Loughlin on for Matt. And thanks for taking the question. Congrats on a nice quarter. I wanted to ask and dig a bit deeper on the GaN on SiC process that you mentioned. And first, congrats for getting that across the finish line. But on the $300 million long-term opportunity there. I know that that’s sort of the long-term addressable market. But if you could just maybe scale initial expectations in terms of time to revenue and then sort of ramp into that opportunity, that would be helpful.
Steve Daly: Sure. So that $300 million SAM that we’re identifying is primarily defense-related, aerospace and defense, as well as maybe the second key market we want to address is satellite communications, whether it’s uplink, downlink or satellite to satellite. So these are the markets that we will focus on. The defense market, as you know, is a slow-moving market. So it will take time to get the design wins and turn the technology into product revenue. As I think about this year and we do some modeling so we’re just announcing today, we’re starting to sample this month. I would expect to see a non-material amount of revenue probably starting to appear in Q4 of this fiscal year and rolling into the beginning of fiscal 2024. So no material contribution this year. This is really a growth opportunity for fiscal 2024 and 2025. And in terms of what those numbers might be, I think it’s way too early to tell.
Sean O’Loughlin: Yes, makes sense. Super helpful. And then maybe a different part of the GaN world. I wanted to ask a broader long-term question on telco. It sounds like 2023 is going to be a difficult year, but one of your peers had commented that the GaN transition in RF power specifically was maybe accelerating and gaining more traction over LDMOS. And I was wondering if you’re seeing similar trends and how may that impact your opportunity set going forward. Thanks.
Steve Daly: Right. If that’s true, then that would certainly support MACOM strategy, we, today do not sell LDMOS. We focus on gallium arsenide HBT, pHEMT, and, of course, GaN. So to the extent that different market segments are focusing on again, I would consider that a good thing for MACOM. I would also highlight that when we look at the overall GaN opportunity, you have the commercial and communications sector and you have industrial and defense. And we believe that those markets are about equal in size, but the profit is on the defense side of the line, and we are very focused on that.
Operator: Thank you. And our next question coming from the line of C.J. Muse with Evercore ISI. Your line is open.
C.J. Muse: Yes, good morning. I was hoping you could speak a little bit to kind of cyclical metrics. I guess as you think about the three different businesses and perhaps the sub-segments within each, how are you thinking about kind of normalization of lead times backlog? And I guess, what normal visibility will look like once we kind of get through inventory correction and whatever kind of potential shortages that remain?
Steve Daly: Great. Thanks for the question. So it’s hard to summarize that in aggregate because of our diverse portfolio as well as the technologies. As you know, we’re building in manufacturing two terminal diodes all the way up to PAM-4 DSP. So the manufacturing cycle, the test time, the back end time, all of these are very different across the portfolio and our customers know that. So depending on where we’re selling our products, our customers have very different ordering patterns. And so when we think about normalized €“ a normalized environment, I just think it’s hard to parse that here. So I’m not sure I can really answer your question specifically.
