Colin Rusch: Thanks. And then on the customer side, given this massive agreement that you’ve signed, are you starting to see any real change in behavior from some of the other customers in terms of wanting to make sure they have access to supply? Is that dynamic changing? Are folks more willing to put deposits on the table for long-dated contracts? What’s the sensibility around all of those dynamics right now?
Gregg Lowe: Yes. I would say that, that remains a key priority for customers. We’ve got probably the most important transition that’s happened in the auto industry in the last 100 years, which is the demise of the internal combustion engine being replaced by electric vehicles and all the OEMs are very interested in making sure that they’re lined up with folks that are installing capacity, building capacity, spending money on CapEx, et cetera. So there’s a lot of activity on that. And then I guess you can point to the Renesas deal. From my perspective, it’s the largest customer deposit I’ve ever seen, $2 billion for a capacity corridor is quite a commitment. And I think it shows from a Renesas perspective that silicon carbide is an important technology, and it’s one that they have really strong access to.
So, we’ve got a great partnership. It’s a 10-year deal. It’s the longest supply agreement we’ve done. So I would say, yes, there still remains a high level of interest in these sort of upfront capacity reservation deposits.
Colin Rusch: Thanks, guys.
Operator: Our next question is from Joshua Buchalter with TD Cowen. Your line is now open.
Joshua Buchalter: Hey, guys. Thanks for taking my question. I wanted to follow up on a couple of previous ones. So, if you’re running — first of all, I think you mentioned the Durham Building 10 is 75% of the furnaces are installed. I guess, to clarify, installed mean running? And it sounds like you’re pretty close to being able to support or having the furnaces installed to support 20% utilization at Mohawk Valley, but you’re not expecting to get there until the June quarter of 2024. Is this sort of the normal cadence of time from furnaces turning on to devices out of Mohawk Valley that we should be expecting going forward? Thank you.
Gregg Lowe: Yes. Basically, yes, Joshua, is the answer to that. And I would point to a couple of different things. We are ramping the production of 200-millimeter crystals. We’re ramping the production of turning those into wafers, wafering process, the epi process and then feeding that all into a brand-new fab. So all of that is kind of coming online. And the fact that we can go from $1 million worth of revenue to 20% utilized in basically a year is actually pretty good I think.
Joshua Buchalter: Got it. And then I also want to follow up on some previous comments. Any more details you can give — I guess given on the volatility of 150-millimeter device output at Durham given how constrained silicon carbide is, I would have expected it to be smooth and just run at full utilization and capacity to generate that $100 million of revenue pretty smoothly going forward. I guess I’m just surprised by the intra-quarter moves coming out of that site. And I guess should we expect it to remain volatile from here or sort of stay in the $100 million range? Thank you.
Neill Reynolds: Yes. I wouldn’t call it volatile. I think it’s — as we said, I think, pretty clearly for the last couple of quarters that Durham site from a power device perspective will be $100 million plus or minus, 5% or 7%, I think, is probably pretty reasonable. It’s an older fab. We’ve got different mixes running through the factory right now. And I think that’s what kind of in line with what we had projected previously. So I think just from a good forecasting perspective, I think you’re going to see about that level going forward. And then as you think about revenue trajectory for the power device business and generating revenue above that and a meaningful lag, would come from Mohawk Valley.
