Matt Johnson : Oh, yeah. Sure. That’s – so, big picture. That’s hard and not easy to do with – for being honest about it. So what we’ve done is some of the changes were things obviously prioritization where you take class of things, things that are at the bottom. And you do less of those and make sure you’re feeding the things at the top that have the biggest impact, biggest returns. There’s also going after shifts when using the environment it’s difficult as it is for doing strategic initiatives and shifts where you need to reshore or move resources from one geo to another or do leadership changes. So, as an example, we shared the CIO announcement with Radhika, that was one of the changes that came out of last year where we said strategically how do we approach IT differently.
So, there’s employees moving across Geos as part of that. But also leveraging – rebalancing internal external capabilities and make versus buy as a classic way to say it. So, it’s the combination of all those things, saying look it hurts and it’s difficult to make these decisions. But look at it through a lens of managing the portfolio and how do we use this difficult environment not just to cut and have less revenue, but to cut and use it to transform and restructure rechange how we approach things. Because easiest way to say it, Cody, is if we do these cuts and we don’t – we come out the other side and say let’s just add them back the same way horrible inefficiency. The model and approach is make these difficult changes and use them to make us better use them to transform to reconstitute our capability.
And that’s the approach is taken. So I really do see that this will be transformative even though it was difficult. But obviously, too early to see the signs of that. But you’re starting to see early things like the CIO announcement.
Cody Acree : Great. Thanks, Matt.
Operator: Thank you. One moment for our next question. And our next question comes from the line of Peter Peng from JP Morgan. Your question please.
Peter Peng: Hey, good morning. Thanks for taking my question. Just want to follow up on the China point where it seems like you guys are not seeing any improvement. How important is China recovery to that $160 million number that you guys talked about?
Matt Johnson : Right. It’s the quick answer is it’s not in there is, China, I think, right now for us is roughly around 13% of our revenue and we are supporting the region as I said, good design win activity. But the revenue hasn’t meaningfully moved. And we’re not assuming that it will. So if it does, that’s fantastic, but not baked into an assumption in recovery for us.
Peter Peng: Got it. Thanks. And maybe just on some of these new design wins when as they talk about potentially coming in the second half, but maybe you can help us understand maybe the size or the scope of these ramps and how meaningful is it just to revenue in the second half of this year?
Matt Johnson : So, we haven’t provided that that context and we’re not guiding beyond the current quarter. But easy – easy way to think about it is, we’ve shared over previous quarters all of these ramps are one, not single customer. They are end-market across multiple customers and they are meaningful end-segments for us and ramps. And I would characterize each of them also as relatively early phases for us in terms of their ramping potential. But they will all ramp this year, which I think is important and will give us a tailwind as I said earlier to whatever – whatever that consumption number is as we approach that it gives us lifts beyond that. And then, as I said, the end-market as well when we see strength there. But no more color on the actual magnitude or size of those that we haven’t provided that.
Peter Peng: Thank you.
Operator: Thank you. One moment for our next question. And our next question comes from the line of Joe Moore from Morgan Stanley. Your question please.
Joe Moore: Great, thank you. Last quarter you had talked about one competitor. I think it was isolating things better than that had been pricing a little bit more aggressively. Can you give us an update there any changes that just the new normal or is there anything to report there?
Matt Johnson : Hi Joe. I don’t think it’s – I think that’s been consistent that most of the industry markets have been behaving as we’d expect in this type of market environment. As we said, we did see one competitor who as we thought being more aggressive and that hasn’t changed. But not signaling anything there. Not kind of convey anything. I just wanted to answer with integrity which is why I called it up.
Joe Moore: Okay. All right. Thank you.
Operator: Thank you. This does conclude the question and answer session of today’s program. I’d like to hand the program back to Giovanni Pacelli for any further remarks.
Giovanni Pacelli: Thank you, Jonathan, and thank you, all for joining our call this morning. This concludes today’s call. Thanks.
Operator: Thank you ladies and gentlemen for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day.
