Harlan Sur: Yes, thank you for the follow-up. So with fiscal ’23 almost behind us, wondering if you have an update for us on your total system solution strategy. I went to two of your major distributors’ websites and I think they listed over 4,000 reference designs for Microchip, and that’s up substantially from a few years ago. How effective are these reference designs in helping to drive TSS? And do you have any metrics you can share with us on increasing dollar content for customer engagement?
Ganesh Moorthy: So clearly, the reference designs, both ourselves, our partners and how we go are a key element of how we go and provide total system solutions. But really, we’ve taken it from just reference designs and products at the design stage to how are we conceiving our solutions, how our businesses working together to create products in parallel that together create the hardware, software and services that are needed for customers to be able to adopt a large portion of their design with our products. And so it’s a complex set of processes that we are working on. You’re seeing some of the benefits in terms of the differential results that you’ve seen with us. There is not an easy equation I can plug into that tells you, okay, this is the rate at which it’s going.
But you can see in the total results for the company, and it does come from years of honing in all aspects of the total system solutions from development to go-to-market to sales to how do we ensure that those designs stay and stay sticky with the Microchip solutions.
Harlan Sur: Thank you.
Ganesh Moorthy: Thanks, Harlan.
Operator: Our next question comes again from the line of Ambrish Srivastava with BMO Capital Markets. Please proceed. Ambrish, your line is now live.
Ambrish Srivastava: Sorry about that. Thank you. Thank you for accommodating me in a follow-up. I had a question on 300-millimeters, Steve. I thought when you started to talk about it, you made a very compelling argument of why there hasn’t been enough capacity, and then ROIC is a very compelling argument of why not doing it. I just wanted to make sure I understand the comment you made, Ganesh, that with your partners, you feel comfortable that they would be investing and we won’t be back to that again in a — I don’t know how many quarters from now that we’re again sitting here and saying, hey, look, there isn’t enough capacity. So we feel comfortable enough to not go forward because of the commitment from your partners. Is that the right takeaway?
Ganesh Moorthy: Yes. So we’ve had extensive discussions about options by which we could move forward, options that our partners were exercised to be able to support what we need, and we’ve had those at the highest levels of our partners’ management. And we are confident that what we need in partnership with our supply chain — our key supply chain partners can be met. And as I said, it does it at a far lower risk and a far better ROIC.
Ambrish Srivastava: Okay, got it. Thank you.
Operator: Thank you. There are no further questions at this time. Mr. Moorthy, I’d like to turn the call back to you for closing remarks.
Ganesh Moorthy: Great. Thank you, and thank you to everyone who joined us on the call today, and we will be seeing many of you on some of the events that are coming up this quarter, but have a good evening. Bye-bye.
Operator: This concludes today’s conference. You may now disconnect your lines.
