Gary Mobley: Got it. Thank you. And as a way to get a supporting metric for future revenue growth, hopefully add this number at your fingertips, but I am curious what the measure of lifetime value of design wins captured in the first quarter may have been? And then, embedded within that, what the pricing trends were like in those design wins on a like-for-like product basis or maybe even considering any sort of ASP shift associated with Gen 2?
Matt Johnson : Sure, yeah, I don’t have all that off the top of my head. The quick answer is I think on actually in the – correct if I am wrong guys, in the quarter, I think pricing on a like-for-like basis was basically flat. On design wins, no changes there. Good progress and on track and in terms of pricing on design wins, as we’ve communicated, no changes there that that’s where we see more pricing pressure is on new business not on existing business and we expect that to continue, but what we’re seeing there is what I define is more typical and expected and it almost looks scary. I mean, I’m jumping ahead a little bit, but we’re kind of getting back to kind of pre-pandemic type of behaviors on pricing which means low to mid-single-digits pricing pressure on an annual basis, which is what we’ve always had. And we’ve always opted that was new products, new features differentiation. So, I wouldn’t say we’re there yet. But that appears to be where things are going.
Gary Mobley: Thanks, Matt. Appreciate it.
Operator: Thank you. One moment for our next question. And our next question comes from the line of Tore Svanberg from Stifel. Your question please.
Tore Svanberg : Yes. Thank you and congratulations on the continuous recovery here. So, Matt, obviously consumption is a number that we analysts have to decide at some point. But I just want to sort of understand now that you’ve gone through the up cycle and down cycle, and as we think about the consumption number is the thought to hear that the business would grow up about 20% going forward longer term? Just to sort of to make sure that nothing’s really changed with the up cycle and the down cycle fundamentally?
Matt Johnson : Yes sure. So – so the quick answer is, no change to our commitment to the 20% compound annual growth on our revenue has not changed. That is our target, our model we see the path to doing that and we feel really good about that. So that’s the fast answer. There is a couple things that’s worth mentioning. We’re not doing a victory lap at a $140 million guide, right? But we are doing the things that we believe we said we do that we can grow revenue. We’re improving gross margin, improving profitability. That happened in Q1. That’s going to happen in Q2 and we can continue doing that. But we’re far from out of this at $140 million right? There’s still a big gap to our consumption levels and we also need to see a lot of design wins ramping, which is starting, which is encouraging and we need to see the end-markets show more strength.
So, we’re trying to reflect we’re very encouraged by the progress. Things are going in the right direction. All signs are encouraging. But we’re still in a pretty big hole and we got a ways to go. So we’re not celebrating $140 million. We’ll be celebrating at much bigger numbers.
Tore Svanberg : Great. And as my follow up, beyond the cyclicality stuff, you’ve sort of highlighted at least three big growth engines this year. You mentioned some of them on the script right? But the glucose meter, the smart meter and also the shelf labeling, any more details you could add on those three as far as ramps, types of customers, regions and so on and so forth?
Matt Johnson : Yeah sure. So, nothing meaningful beyond what the script Tory, has said I’d say to be clear. All three of those segments are ramping for us in 2024. That’s important. And that’s encouraging because that gives us growth beyond inventory destocking and whatever the end-market demand dynamic ends up being.
Tore Svanberg : Excellent. Thank you.
Operator: Thank you. One moment for our next question. And our next question comes from the line of Thomas O’Malley from Barclays. Your question please.
Thomas O’Malley : Hey guys. Good morning and thanks for taking my question. Just a model square away first and then a question off that. Just what was the percentage split between the two businesses in March? What do you guys assuming for June? And then can you talk to the linearity? Obviously, it looks like the disti channel is getting a little bit – disti is getting better, channel is getting better even end-customer is improving. Can you just talk about the linearity if, of what you see right now in terms of revenue as you progress on throughout the year?
Giovanni Pacelli : Tom, hey. It’s Giovanni. I’ll take the first part. Revenue has been a big use for Q1. That was $65 million for the Industrial & Commercial business unit, about $40 million, $41 million for Home & Life. You know what, more to pick up on the linearity as we get through the year.
Matt Johnson : But I think, what we said in the script that we would expect both business units to continue to grow during the year. And we’re not providing specific guidance for each business unit for the second quarter.
Mark Mauldin: Yeah, I mean, maybe a way to think about it Thomas is, in general terms, I’d characterize Home & Life as further through the cycle. Industrial & Commercial still absolutely going in the right direction, but not as far through the cycle, I think that’s important. And then, in terms of inventory, I would definitely say that Q1 represents the peak for us in internal inventory that we have intentionally built to be ready for what’s coming and as we move forward from here. So that’s one. And as we’ve said external inventory at our distributors and other end-customers is working down and continues to work down. So, I think the next piece is this the inventory, we’ve been assumed that that’s going to be flat, but at some point distributors are trying to work it down, at some point that’s going to start coming up as we see increases in demand in the channel as their end-inventory works down and as they just start to ramp new designs and market strength continues.
