Avago Technologies Ltd Earnings Call Insights: Wireless Side and Seasonality
James Schneider – Goldman Sachs: I was wondering if you could start on the Wireless side for a moment. Can you talk about the trends you are seeing right now your second biggest smartphone customer and whether the well-publicized inventory correction that that customer is essentially behind you at this point? And then related to that, looking ahead of the smartphone launches you have across your customer set in the next quarter. Can you talk about any trends you are seeing with respect to more discrete FBAR sales for you guys versus PADs?
Hock E. Tan – President and CEO: Well, lots of questions here. Let me try to parse that and go one-by-one. Let’s talk about market trends short-term Q4 in specific to the rest of the year. While we do see is other than our two largest smartphone OEM customers in the high-end phone range especially, we see a few other (ultraphone) OEMs launching new phone programs. You have seen that especially on we see about Optimus, we see Nexus coming out and we see a few other Lumias coming out around that later in the year. But, obviously, the two biggest high-end phone makers are making the news and we see both programs launching this particular quarter definitely from – in the second half of this particular quarter and right now as we perceive it inventory is lease of our problems in that regard of excess inventory. We are ramping up very, very strongly to try to meet demand. Very, very strongly and very, very urgently just to meet demand of those several smartphone OEMs that we have to support at this stage. That’s pretty much what I would limit my discussion to as to say it’s – a lot of the bookings, a lot of the backlog is in place. And what we are trying to do is really an interesting challenge to our supply chain (to meet it all), but we will get there. Then as far as the second part of your questions on mix in a short-term that’s – both happening, there are quite a few satellites and discrete FBARs, satellite PAs and discrete FBARs that happens. We also obviously see from our perspective quite a bit of head architectures that are also happening. And it varies obviously from OEM to OEM and the best way to answer is we see both, we’re seeing both as we see right now. Obviously, increase FBAR architecture comes from increased LTE bands that are now put into a lot of this high-end smartphones, which needed to be supported and they are – not some of them – many of them are not supported as PAs, but rather supported on a discrete basis. So, we see quite a considerable mix of both in this next six months. I guess the best way to describe it.
James Schneider – Goldman Sachs: Then to follow-up on the industrial business. Clearly, there your results had been lagging a lot of your peers for a while, but now have caught up and (then some) it seems like. So, can you maybe talk about the channel behavior or specifically, the distributors what you are seeing from them, is it a matter of their inventories got too low, and they needed to replenish somewhat or they just feel better about overall demand? So, do you feel like you are more or less shipping in line with any consumption at this point?