Steve Rai: So, a couple of things, Paul. So, we’re — obviously, as John said, next quarter, which would be our year-end, we’ll all be in a position to provide more color concretely on those plans. And there will be updates, of course, with respect to the financing structure there. Certainly we’re pursuing and exploring longer-term financing and looking at the different options to put that in place, where which is being actively worked. We’ve got sufficient liquidity and access to capital to kind of execute on the plan. Obviously, the goal in the very short term is to get both businesses generating positive cash flow. So, there isn’t a — there shouldn’t be a significant drag in the business after a relatively short period of time. But we’re working on those plans.
Paul Treiber: And then just last question for me just back to John. The — I mean, you’ve been Head of the Cyber business for a couple of years. You’ve seen the investments in product and go-to-market. Where do you see the business at strategically, in terms of product, in terms of trying to capture mind share with customers, and how do you see the growth trajectory going forward in that business?
John Giamatteo: Yes. The Cyber business unit, it — a number of different dynamics, because we have a number of different products that address different — but one thing I will call out was, like, the Malaysia deal was actually an interesting example of how they bought into our whole vision of the portfolio. And maybe one product in the portfolio, maybe it’s — maybe there is a better product out there, maybe — but the overall holistic solution and how we delivered it really caught their attention and convinced them that we were the right company to partner with. So, I do think the entire portfolio approach is helpful in certain accounts, like a big government like that, that’s looking for a broad set of solutions. But from — our AtHoc business is firing on all cylinders, gaining market share.
Our Secusmart business, very, very strong in the German government, and we’ve got some nice wins outside of Germany this year, which we think is a step in the right direction. UES, we’ve been focused on the Cylance platform to really get that product back to where we need it to be. There were some gaps in the portfolio, there were some quality issues. So, each of them have a number of — and UEM is a very mature product that has a little bit less growth. So, holistically, we think there is an opportunity for this business to grow. We’re looking very closely at what — or as we think about next year’s plans and AOP, and we’ll come back to you with a projection for next quarter. But a lot of different dynamics in the Cyber business, which is why sometimes it’s hard to handicap growth because of these factors that kind of run within it.
So, we’ll come back to you with more details next quarter, but hopefully, that gives you a few snippets.
Paul Treiber: Thanks.
Operator: The next question will come from Luke Junk with Baird. Please go ahead.
Luke Junk: Good afternoon. Thanks for taking the questions. I want to start with IoT. Just hoping you could comment at a high level on the bookings environment in automotive. Just wondering if you’re seeing any impact of moderating EV demand on the software side, realizing that these macro issues we’ve been dealing with have been pre-existing for a few quarters now, but is EV interplaying with that at all, John?
John Giamatteo: Yes. We — we’ve definitely seen that, EV. Some of the big next-generation EV projects, there’s been some delays by some of the big OEMs. So, absolutely we’re seeing. But I would say on this one, we are more — the underlying fundamentals of our IoT business I believe just couldn’t be stronger right now. But when I think about the backlog that we have for our royalties, when you think about the design wins, we had a number of design wins, automotive and otherwise, with GEM and in other things that we’re getting, we think that’s an opportunity. IVY as a bit of a — when we think of how well-positioned we are into that market, I think we’re in a really good position to weather some of these headwinds that come from time to time.
And this — the last couple of quarters, there’s been some headwinds between the strikes with UAW, between some of the — as a result, some of the manufacturers pull back a little bit on some of their more sophisticated vehicles. But I think all in all, we’re really well positioned. As these headwinds subside and we start seeing more things rolling off the lines and more of these new designs which inevitably are going to come to market, we think we’re really well positioned. Very strong backlog, which I think sets us up well for the future.
Luke Junk: Thanks for that. And then, a bigger picture, I appreciate the color on — you’re looking at the cost structure, cash flows, those sorts of things, and John, I’m just hoping to understand your approach and really just wading of time between looking at BlackBerry overall operations at the segment level, should we think of you having sort of a player-coach mentality?
John Giamatteo: A player-coach mentality, well, maybe that’s an interesting way to describe it. We do — we got a great team in IoT, great strong leadership, so built a really strong business there. So, absolutely, we want to give them the resources, the support, the financial back, anything that the bigger Company can provide. So, I definitely look at it as two companies on their own, driving their own businesses, and with kind of a holding Company structure that’s there to support them with all the things that they need to drive their business forward. So, I don’t know if you call that player-coach, but certainly maybe parent-child, you want your children to get up and run and reach for the stars, and we’re going to do everything we can to give them everything they need to do it.
Luke Junk: Okay. I’ll leave it there. Thank you.
