Tristan Gerra: Hi, good afternoon. And Mohan, wishing you best of luck in your future endeavors. On your commentary about gross margin improving this year on a higher mix of organic revenue, how should we look at Sierra Wireless revenue for the year — year-over-year change? And if you could talk about the market share for Sierra wireless, how is that progressing relative to competitors? Any commentary there at the top line for the year?
Mohan Maheswaran: I’ll take the last part, and then Emeka can talk about gross margins. But for me, I think the Sierra share equation at the moment has probably not changed much Tristan. I think our goal, of course, is to try to expand in North America and Europe, the business. There are some large Asian competitors that have been doing well in North America. But I think as the sensitivity towards foreign modules and foreign technologies in critical infrastructure and IoT, I would consider it to be critical infrastructure in many use cases anyway. I think once that awareness becomes clear. I think Sierra has — and now Semtech has a very good opportunity to really educate to the market and gain share, particularly on the security side and also on the supply chain side. So yes. But for now, I don’t think the share has changed any from the historical amounts.
Emeka Chukwu: So Tristan, with regard to my comments on the gross margin, I think Mohan had earlier made the comment that on the Semtech Organic business that the number we’re getting to is — if it’s not bottom, it’s pretty close to bottom. The expectation is that as we go through the rest of the year that will start to have a situation where a lot of the inventories have been — it’s moving through the channel. That is one. And also in the second half of the year, we pointed to some secular opportunities that we have that we think starts to move the needle back up towards what we have been used to in the past in terms of the organic business. And with that happening, then the Semtech Organic business becomes a higher percentage of the revenue mix. And with that, because of the higher gross margin from Semtech Organic that would naturally provide an uplift for gross margin.
Tristan Gerra: Okay. And then for my follow-up, I think Mohan you had talked about the opportunity of ramping LoRa as a feature next in 5G Sierra wireless. Any metrics you could provide us with in terms of whether the units for those routers on an annual basis? And once you have a 5G LoRa-integrated module what adoption rate percentage-wise, would you expect to get within Sierra wireless router volumes, just to kind of gauge what the opportunities in terms of incremental LoRa revenue generated directly by Sierra Wireless going forward?
Mohan Maheswaran: Yes. I think, Tristan, it’s work that’s starting now. I don’t think we’ve had time really to kind of look at what we can do there. But very simply, remember, the routers — Sierra has a portfolio of routers from 5G routers to 4G and below. And our thought has always been the integration of LoRaWAN gateways and Sierra routers provides essentially end-to-end connectivity from the sensor endpoint all the way through to the cloud. And we will be uniquely positioned to offer these combined routers, which could be very low priced, they could be very high price, they could be very high performance, could be midrange performance. There could be a very broad set of integrated routers. And so that work has to be done.
I think I don’t think there’s any rocket science to it, but I think we do have to pull it together and then combine that with our Sensing-as-a-Service. And as I also mentioned, putting intelligence onto the routers, one of the beauties about the Semtech position in LoRa is that we have the gateway chips and therefore, we can add integrated intelligence into these routers either in the chips or in the router themselves, and I think provide some very interesting intelligent edge opportunities for IoT. So, there’s a whole portfolio of opportunity for us, we just need to go through and see where the biggest bang for the buck and where the biggest opportunities and what are customers pulling on in the short term and medium term and long term. So very excited by all the opportunities, but we just have to go through the exercise.
Tristan Gerra: Great. Thank you.
Operator: . Our next question is from Christopher Rolland with Susquehanna. Please proceed.
Christopher Rolland: Hey, guys. Thanks for squeezing me in. I guess my first questions are going to be around LoRa. So I think you did $41 million in the quarter. I don’t know if you can talk about — I think most things are going down next quarter. But if you could kind of give us some idea of what you would expect next quarter? And then you usually give us longer-term metrics for LoRa. I don’t know if you have some sort of estimate that you could give us for the full year or longer term. You’ve also talked about the opportunity pipeline and the pipeline outside of China and sometimes give metrics there as well. I don’t know if you had any additional metrics you could give us.
Mohan Maheswaran: Yes. So Chris, I mentioned on the call that we’re going to review all the metrics, and that’s largely because now we have Sierra, we have a much larger pipeline. And we have some opportunities, obviously, to really look at the metrics that are important for our now new IoT business. So we will be putting those together, and then we will bring those out at a future discussion. But to answer your question, I mean, we had a record FY ’23 for LoRa is $187 million. Of course, there’s a lot of Helium in that. So our expectation is for FY ’24 is that without the helium, we’re going to — probably LoRa’s going to be probably flat to slightly down, mostly because of China, I think. So if you take the Helium out from FY ’23 and assume that’s $40 million to $50 million of revenue, something in that range, FY ’24 is going to be kind of in that range.
And that’s assuming no Helium and assuming China continues to be weak. So we’re starting off in a weak Q1, and I think things will improve. We’ve got a lot of momentum on LoRa. Of course, as I mentioned, and we just talked about the Amazon Sidewalk and some of the other things going on there. But I think we just will have a little bit of a headwind with the loss of helium.