Ashish Chand: Yes. I think as a new Belden, we feel more confident versus how we would have felt going into a similar cycle previously because the solutions we have actually helped deal with what’s going on in the market, right? Shortage of labor, higher cost of capital, more brittle supply chains, et cetera. So part of it is the secular trends as part of it is, how we’ve changed ourselves to respond to that and we see that then in our pipeline. So when we look at our sales funnel or pipeline and we look at the projects that we are working on right now, with our solutions consultants and customers. There’s a lot of investment plan there and customers aren’t actually talking about how to deal with all those trends how to build in more infrastructure that will help them use leverage AI and other technologies that are emerging.
This seems different, than the prior contraction we’ve seen. So, I think it’s a combination of how we’ve changed, and what’s going on in especially the OECD markets with reshoring.
Q – Steven Fox: Okay. That’s helpful. Then on the broadband side, the difference at least from my opinion maybe disagree with this in terms of this cycle versus prior, is in the US you have a lot of government money coming into the system that is incentivizing smaller Tier 2 service providers to also spend on fibre and connectivity. That seems to be having some unintended consequences in the supply chain. I’m just curious, whether you think that has maybe helped you artificially in recent quarters, changes your view on the cycle over the next few quarters? Just curious what you think the impact was specifically on Belden and then maybe broader on just the landscape you compete in on broadband? Thanks.
Ashish Chand: Sure. So, yes, I think two perspectives on that. One is in terms of the product portfolio. So, whilst we have grown our fibre content quite a bit right, it’s getting closer to that 40% plus mark in our broadband business, we are not exclusively fibre. So we’ve made sure that we’ve retained a broader portfolio. There’s obviously, a lot going on in terms of specialized copper cable and connectivity in broadband. But there are also value-added solutions around cabinets and how we help people deploy, which goes beyond just the fibre product portfolio. So, I think it is true that if one was only focused narrowly on fibre then what’s going on in the buying process and the industry would have created artificial highs and lows and we’ve seen that with some of our competitors.
But that’s different for us. I think second, it’s the mix of the customers. So remember the bulk of our business is actually focused on the MSOs and not on the Telcos. I think with that kind of footprint, we are actually slightly differentiated from some of the other players in the market. So, yes, we are focused on fibre, but it’s not everything we have. Our mix of MSO and Telcos keeps us more balanced. When we look at their plans for investment and we look at — and by the way this is true in the US of course but I think it’s true in a few other jurisdictions. We see them very bullish in terms of technology upgrades and that gives us confidence that this will turn around faster.
Q – Steven Fox: Great. That’s all very helpful. Thank you.
Operator: At this time, there are no further questions. We’ll turn back to Aaron Reddington for any additional or closing remarks.
Aaron Reddington: Thank you operator, and thank you everyone for joining today’s call. If you have any questions please contact the IR team here at Belden. Our e-mail address is investor.relations@belden.com. Thank you.
Operator: Thank you, ladies and gentlemen. This concludes our call for today. You may now disconnect from the call. We thank you for participating.
