Thomas Edman: I really can’t, Jim. So you’re correct. I did not say that. But yes, in large booking, unfortunately, we just can’t disclose the product type or the exact program that we’re involved in there.
Jim Ricchiuti: Got it. I understand. Moving to the MII business, a follow-up question is you’re clearly seeing some weakness – you’ve been seeing weakness in the instrumentation side of that business related to semi. Is that business kind of at a trough level, do you think? Because we are – I think many of us are anticipating an upturn in the semi-cap side of the business over the next couple of quarters. I’m wondering what your take is on that?
Thomas Edman: Yes, sure. And I did want to just to complete the thought on A&D, I just – I did want to highlight, we are down slightly on program backlog. So we’re at $1.33 billion to be exact in terms of program backlog. That’s down from $1.35 billion at the end of last quarter. So still holding up very well. And we’re looking at what should be a pretty strong first half year as we look at program booking opportunities in A&D. On the MII side, yes. So what I’m seeing, Jim – and remember, we’re looking at test and burn-in board requirements. So slightly different cycle than traditional large semiconductor capital equipment requirements. Of course, we service those equipment companies as well, but it’s a smaller portion of that instrumentation piece.
So we tend to be a little bit front end there as customers start to invest in new generation of capability. They need that test and burn-in board base for their equipment. So what I can tell you, Jim, is certainly, I think we’ve hit trough there. And we’re again seeing some activity there that are good indicators. And I agree with how you characterized it. I expect that there would be more momentum towards the back half of the year. And certainly, as we look at the larger process equipment requirements, which right now are in that trough, I wouldn’t expect to see that until that kind of demand until Q4-ish. But in the meantime, test and burn-in board requirements, which go into the test and measurement area, tend at least for us to come in a bit earlier than that.
So yes, I think, again, trough for sure, is starting to see a bit of activity that are good indicators that the back half should improve.
Jim Ricchiuti: Got it. And if I could slip one quick one in, you’ve been providing the last couple of quarters some breakdown on the A&D business, commercial aerospace, and defense, which I think we all appreciate. I was curious on commercial air, it looked like it was down sequentially. Is that just kind of lumpy business or is there anything that we should be paying attention to in that part of that A&D business?
Thomas Edman: Actually, commercial air for us is still strong. And if you – if we – roughly up about 7%-ish year-on-year. That’s a year-on-year and also up slightly quarter-on-quarter in commercial aerospace. So we – so yes, the growth rate, which was remarkable, right? As commercial aerospace recovered, that growth rate has slowed down, but we did still see growth in the quarter, and still as a percentage of A&D revenue remains about five percentage-ish. So not a large part, but nice to see the ongoing growth there. And just a reminder for everyone, our largest content here tends to be on the 787 and – so that’s where we see the largest content. Of course, we’re across platforms, but that’s the major content for us.
Jim Ricchiuti: Got it. Thanks for clarifying, and congrats on the quarter.
Thomas Edman: Thanks, Jim.
Operator: Thank you. That concludes our Q&A session for today. I would now like to turn the call over to Tom Edman for closing remarks. Please go ahead.
Thomas Edman: Thank you. I’ll just close by summarizing some of the points I made earlier. First, we delivered non-GAAP EPS that was above the high end of the guided range, with revenues in line with the guided range. Really excellent operational performance and favorable product mix. Second, we generated a healthy cash flow from operations at 8.3% of revenue. That did allow us to repurchase stock, maintain a solid balance sheet. And finally, in closing, I would like to thank our employees again for their efforts in this past year, our customers as well. And certainly, you our investors, for your continued support. Thank you very much.
Operator: This concludes today’s conference call. You may all disconnect.
