Sassine Ghazi: Maybe I’ll talk about the SIG initiative, and Shelagh will comment on the backlog. The — what we’ve said in the remarks that we went through a strategic portfolio review, just to put some context around what we went through. As I stated earlier, we have the three business segments and we are truly fortunate that we have a leading position in each one of those segments. As we look at the opportunities over the next five to 10 years of these market segments, I cannot express how excited we are about the opportunities we have in design automation and design IP. And the more we can expand our portfolio within these market segments. So that led us to discuss and make a decision to explore the strategic alternatives for software integrity to put priority of where to make our investments and where we believe there’s a higher ROI for the investments based on the 90% of our portfolio between the design automation and design IP business segments.
So that’s really the process that we went through in order to get to that point.
Shelagh Glaser: Yeah. And I would add that on the recurring revenue question, we’re not expecting a substantial change in that. We’ve had a record hardware year in ’22 and ’23, and we’re expecting another one in ’24, but the overall business is growing too. So it won’t substantially change the mix of recurring revenue. Thank you for the question.
Trey Campbell: Thanks, Johnny. Let me turn it over to Aart for some closing remarks.
Aart de Geus: Thank you. A couple of personal words in closure here. Since the IPO in 1992, this is my 128th earnings call. I did not miss a single one, but I suspect that literally only Jay Vleeschhouwer remembers exactly what was said at each one of these calls. So a big thank you to you, Jay. But really huge gratitude to all of you for your feedback, you have write-ups, your advocacy on the market, but also for never giving up on asking questions where you perfectly well know that we will never answer them. So I really hope that you will keep that up with Sassine. But more importantly, a gratitude for having been travel made and family members in raising this fragile Synopsys start-up child into the strong worldwide market and technology leader that is today.
Thank you. Now some CEO transitions are hard, but I think we’re doing very well. Sassine is the perfect choice for CEO. He already leads with ambition, heart and smart and of course, his 25 years of experience at Synopsys is comprehended is complemented, I should say, by great customer relationships and very importantly, trust. Sassine has my respect, my enthusiasm and my full support. So please give him your support as well. With that, I look forward to from time to time, touching base with you, so until then, be well and thank you very much.
Trey Campbell: Thanks, everyone, for joining the call. Lisa, can you close this out?
Operator: Thank you. And that does conclude today’s presentation. Thank you for your participation today. You may now disconnect.
