Dhrupad Trivedi: So I think what we see, Anja, predominantly is push out and the reason I say that is, with the nature of customers we have, right, the design cycle is six months to nine months and we would have a pretty good idea if they were planning to switch, right? And we support those products for multiyears on a highly frequent basis. So we do see pushouts and it’s not in the category of like a modernization project that they canceled, right? It’s more to support some subscriber growth, they are planning to invest X dollars and now they are going to wait another quarter or two quarters to see where that is. So we do continue to see that. We obviously closely look for win-loss analysis, and of course, around the world there are deals we do lose once in a while. But majority of what impacts our results is not — is in the deferment or CapEx slowdown category than anything.
Anja Soderstrom: Okay. Thank you. And then just maybe touch on capital allocation and returning cash to shareholders. Have you changed anything in your strategy on buybacks?
Dhrupad Trivedi: No. I think we talked about it, right? So the Board has approved another new buyback for $50 million and we continue to be active in the market. Of course, right, there are some constraints for us around volumes and kind of results and dates and all that. But we expect to be active in buyback, and as I noted earlier, right, we have invested a lot in buyback and dividend activity even in the last 12 months.
Anja Soderstrom: Okay. Okay. That was all for me.
Dhrupad Trivedi: Thanks, Anja.
Operator: We now turn to Hendi Susanto with Gabelli Funds. Your line is open.
Hendi Susanto: Good evening and thank you for taking my question, Dhrupad and Brian. Dhrupad, I have a question. So in terms of when the telco Service Provider demand will recover, I have several questions. Like, the first one is, do you think they will recover at around the same time across different geography or one who may see softness first may recover earlier and then — yeah. So let me ask that first.
Dhrupad Trivedi: Yeah. So I think good question, and I would say, from what we see around the world, right? We saw the most impact in North America Service Products, right? And that is where, obviously, that is the most kind of mix of things around CapEx, as well as inflation and interest rates and everything else. We did see some slowdown in parts of Europe, but in a couple of like large territories, right, with large providers. Beyond that, I think, we saw a sort of a general slowdown, but nothing dramatic. So I think outside of North America, we will see that being stable or in line with expectations. And in North America, I think, is where we continue to monitor sort of a bigger macro market environment impact on when that returns, right? And — but certainly, I think, the deepest issue for us is North America and that’s where we have the least visibility. I think the other regions are not as far off on plan.
Hendi Susanto: Okay. And then as far as the market recovery and telco Service Providers, what can trigger the resumption of the demand? I think, one, maybe the capacity you can only hold on like existing capacity until a certain point. But I am wondering like what else, I’d say, if interest rates remain high, the concern on inflation is growing, I am wondering what can trigger the demand resumption.
Dhrupad Trivedi: Yeah. So I think there’s two elements to that answer, right? So one is, as you said, which is a pure business case around the products that they used to buy from us. And I think one is obviously customer demand and network traffic growth, which requires them to invest more to support that traffic and that I think is harder to predict because it comes down to their priorities and even if their budget is cut, they still have to choose like what is not cut or funded. So that’s harder. The second part of it, right, that we have talked about before is, we are also with those existing customers continuously trying to expand the number of categories we sell to them, as well as the different parts of those businesses where we sell, right?
