So again, we’re in Programmable Logic business, there is no question about that. We really lead with low power, low cost and innovation. People say why can you do that if you’re not the leader in technology? And I’ve told many of you over the years, they build New York, we build Portland, okay. That architecture is completely different. The number of cars they can get through New York is analogous to the routing of big LUT densities. Portland is very analogous to smaller densities, if you have a smaller footprint, you have a lower power. You can’t scale as high, but on the other hand you can do a lot of things with your power and your cost structures.
And then we have consistent new product growth, that’s good news, bad news. We have a lot of great growth. In fact, the new products are growing very well. The biggest issue is, there also lower margin and we don’t have enough older margin business, we’ll get into some of that stuff.
Healthy balance sheet, we got lots of cash. In the last 10 years, we’ve sold 1 billion of programmable devices, all good. What have we done in the last 12 months? We spent a lot of time in R&D. We’ve really had a very difficult time in R&D because we had multiple sites. We closed all the sites as of today. Most of our R&D, the majority of our silicon R&D and software R&D is done in San Jose now. We have a little outside of that.
We do have an intact team in the Philippines, which is about one-fifth the cost of what the U.S. is and about maybe half the cost of China. So it’s pretty good model for us going on. We don’t have Allentown, which is our old Pennsylvania site and then we’ve repurposed Shanghai to be really focused on our customers and softwares, who do a lot of support out there.