“So, we’re working with our suppliers, and we’ll kind of normalize it over time, and we feel confident we can do that.”

In context

“from inventory levels versus demand recovery as China reopens? Meaning, from the time that China reopens and there is demand for handsets, how should we think about the lag from that to being translated into demand from you? Akash Palkhiwala: Yes. So Tal, it’s Akash. From our perspective, the way we’re about our inventory -- and it’s really not necessarily inventory, it’s really wafer starts. What we would like to do is, given the lead time of 5 to 6 months, start wafers, 5 to 6 months in advance, plus some room on top for mix changes that might happen during the period. So, that’s the framework under which we operate. You’re right that our current inventory balance is higher than where we’d like it to be. And earlier in the call, I went through the rationale as to how we ended up there. So, we’re working with our suppliers, and we’ll kind of normalize it over time, and we feel confident we can do that. On your second question on the lag, I think that’s already embedded in the way we provided our view into the future, which is -- as we expect inventory drawdowns to happen through the March quarter then going into the June quarter, but as we go into the second half of the calendar year, as demand comes back and normalizes, we have the ability to benefit from it. Tal Liani: Got it. Last question. I’m getting a repeated question on your licensing part. I saw today the -- what you said about Nokia and Ericsson. Can you discuss licensing portion in terms of any forthcoming discussions, negotiations or anything that we need to be aware of, or is it as stable as it was the previous year? Alex Rogers: So, this is Alex. It really is just as stable as we’ve described previously. All the major OEMs”