Hassane El-Khoury : Yes. So, Vivek, two parts of your question. So first, yes, we’re reconfirming the $1 billion revenue for ’23. The increase of $0.5 billion in the same timeframe, the ’23 to ’25, obviously, we’ve always said we continue to engage with customers. Customer continue to value the performance of our products and the end-to-end capability, as I mentioned in my prepared remarks. So that obviously has maintained the strength of our business where customers are committing to long-term supply agreements, even in what I would call a shorter- term horizon, which is ’23 to ’25. So that’s again a testament of where we stand with the technology and the supply. Now as far as your comments on internal substrate, we remain committed to our internal substrates.
So of course, we have been — through ’22, we have ramped our capabilities for internal substrates. That ramp is going to keep increasing. And that ramp is as a plan to support our growth in the LTSA that we have from ’23 to ’25 and even beyond. And as far as yields are concerned, I know there’s conversations about yield, none of which have been made by the company. So I’ll use the opportunity to set the record straight. Any commentary about yields from unreliable sources, I’m not going to comment on. What I will tell you is our yields are coming in per plan. Our ramp is coming in per plan. And as shown in our margin in the fourth quarter and our guide in the first quarter, which all have come between that 100 basis points to 200 basis points.
So our business is healthy, our ramp is on track, and we will continue to invest in browfield to support our customers.
Vivek Arya : Very helpful, Hassane. And then just as a quick follow-up. I was hoping you could give us some color on your automotive business, excluding silicon carbide. Sales have now grown in your auto business for, I believe, 10 quarters, and you’re guiding to another quarter of sequential growth. How undersupplied is the automotive market right now? And is your non-silicon carbide business you think can it grow in line or above the market this year?
Hassane El-Khoury : Yes. Look, I think we’re going to outgrow the market in automotive. We said that goal even back in our Analyst Day, and we’ve been outperforming our own goal. Outside of silicon carbide, the breadth of our portfolio is what is really highlighting the strength of that business. We’ve always said that our growth is going more pact content versus unit sold. Thad talked about the transformation we’ve had in our image sensing — our Intelligent Sensing Group. That is content, both in number per vehicle, but also the ASPs with the higher resolution. That’s driving growth in our business. A lot of the power, whether it’s IGBT or support other medium and high-voltage fabs outside of silicon carbide, that’s more content, both content and share gains.
I can tell you, I am — we are winning more share as others can’t supply, and we’re locking in that share gain in LTSAs to sustain the long term. So all of that is what is giving us the confidence in our ramp. And look, we still are oversubscribed as far as demand is concerned, which puts us in a very good buffer as far as whatever demand does and the macro does. We feel very strongly about the position in our automotive. And of course, other segments from ASG is the LED driver, ultrasonic sensing. All of these are macro trends that are happening in automotive driving our content in that business.
Operator: Our next question comes from Chris Danely from Citi.
