Raji Gill: All right. Very good. And from my follow-up on the LTSAs, you talked, Thad about $17.6 billion that was up $1 billion quarter-over-quarter. Was that all primarily related to silicon carbide incremental designs or other drivers? And just along those lines, you saw kind of significant growth in energy infrastructure, you’re talking about it up 50% year-over-year. Can you describe what are some of the tailwinds in that market? Thank you.
Thad Trent: Yes. So the LTSAs, we continue to stack those up another $1 billion this quarter to $17.6 billion, it’s broad, it’s across the board. There’s silicon carbide, there’s non-silicon carbide. But when we think about how we’re engaging with our customers that want assurance of supply, they’re looking at the entire portfolio and locking that up with us for multiple years. And again, keep in mind these LPSAs on average are four to five years. So it’s — as Hassane said, pricing is stable and those really gives us better predictability of our business and we’re happy that we continue to engage with customers on that way. We see customers expanding their LTSAs either by adding additional part numbers or extending the duration and then we’ve got new customers that have been on the outside looking in. That are coming in saying we need to get an LTSA with you. And so we think that trend will continue.
Hassane El-Khoury: And then on the alternative energy, the tailwind is going to be market-driven. We had a stellar year in ‘22 from ’21, and that’s compounding now what we’re going to see in ‘23 from ‘22 and that’s all of it is market-driven, and that’s primarily the big components here are silicon power and silicon carbide. But again, as Thad mentioned, we have a penetration with the whole bomb, bill of material. And if you recall most of that market for us is under LTSAs, we have LTSAs with eight of the top 10 energy vendors in the world and they’re ramping given the demand and we’re ramping with them given our content.
Raji Gill: Thank you very much.
Operator: Our next question comes from Matt Ramsay with TD Cowen. Your line is open.
Matt Ramsay: Thank you very much guys. Good morning. Hassane, I wanted to — there’s so much focus that typically goes into the silicon carbide space on substrate. But you guys mentioned a few times ramping CapEx and other things around Brownsfield fabs in order to support the business as you ramp the substrates that are GTAT. Maybe you could give us a little bit of color on how the non-substrates part of your supply chain is going for silicon carbide? And just what position that might give you guys on a cost basis relative to some others that are doing Greenfield facilities? Thanks.
Hassane El-Khoury: Yes. So look, as I mentioned, we’re — we’ve been increasing capacity. We started in 2022 in preparation for the ‘23 ramp and really the ‘24 ramp in this case where a lot of the focus, like you said, has been on substrate, because that’s the first thing we have to ramp. But with increased capacity in our wafering and internal EPI, that gives us a very big cost advantage versus getting turnkey externally. And then following that is increase in our fab capacity, which also gives us a much better cost structure. Because the fab we are ramping is an existing power fab that’s where we do really most of our IGBTs. And having a power fab at scale, gives us that edge one from a cost and two from the speed at which we can scale.
