And in a similar way, I would speak to Core Industrial, mind you, that is 60% of the Industrial IoT segment. There, indeed, and that’s maybe where your question was going to the more cyclical businesses being the consumer IoT as part of industrial IoT segment, as well as Mobile, there it will all depend on timing. I mean we really have to see what the timing of a rebound is going to be. Where at the same time, if you look at history of these segments, they are very fast moving. I mean you can very quickly have significant changes through the quarters, especially when China makes a move. But again, strategically, I think the growth algorithm guiding us to the 8 to 12 for the company is pretty much intact. There possibly automotive has a bit more momentum even than we would have anticipated in the first place
Matt Ramsay: Got it. Thanks, Kurt. Just a quick follow-up for Bill. You guys pretty tight on OpEx in the first quarter. I think maybe a tiny bit above the 16% and 7% of revenue that you sort of laid out in the model, Bill, but on a pretty big down revenue quarter in a couple of segments, we potentially reaccelerate off the bottom in a couple of the segments that are challenged in China. Have you – are you going to reaccelerate OpEx at the same rate? Or is there a sort of – how should we think about that into the back half as the revenue potentially recovers? Thank you.
Bill Betz: Thanks, Matt. Let me address operating expenses. I think we continue to manage our operating expenses pretty well with the uncertainty in the macro markets. So in Q4, we were a bit more favorable than our guidance driven by the lower variable compensation, and we managed our discretionary spend. In Q1, we’re keeping our OpEx relatively flattish, I would say despite you all know the typical headwind that we experienced in the U.S. employee benefit rates and so forth. So we’re doing a good job there. And as I mentioned in my opening remarks, we are going to navigate and control our spend. It’s one of those levers that we have. And for 2023, I’d say we’ll plan for the full year to make sure that we’re below that 23% for modeling purposes. So maybe a quarter here, it may go out of balance, but for the full year, we expect to be within 23%.
Operator: Our next question comes from Stacy – yes, sir?
Jeff Palmer: That will be our last question. We’d like to pass it over to Kurt for some final remarks get right here to the end.
Kurt Sievers: Yeah. Thank you – thank you very much, Jeff. Now as we have discussed, clearly, the level of uncertainty currently is higher than what we’ve had through the past couple of quarters. The stance we take is that we want to be prudent and disciplined to those elements, which are in our control. We just discussed about OpEx. But much more importantly, I think this is all about inventory management. There, we don’t want to be blocked by a lot of over shipping into the channel and not having a deal anymore what the true end demand is. So that’s why we focused on this call and also for our guide very much on that approach. For the channel, which mind you, is more than 50% for NXP, more than 50% of our revenues are going through the channel.