John Roy: Yeah. Obviously, you’re expecting a pretty good move in the second half of the year. Could you give us any kind of color on any kind of supply chain issues you might have wrapping up that fast, kind of quiet there on supply chain at this point.
Morgan Kurk: Absolutely. So we run a, I’ll call it, ODM, OEM outsource strategy. So ramping up and down is really about material supply, and we monitor this now very closely, and would prepare or will are prepared for the appropriate ramp up in this, and we don’t really see that as an issue, in any way, shape or form. From our perspective, this is simply executing what we’ve actually started to become fairly good at.
John Becerril: I think, just to add to that, lead times have dropped significantly from the pandemic to now. So we’re back in a normal environment, so executing on customer orders is going to be much more efficient operationally for us then in the past. So if we feel good about it.
Morgan Kurk: In addition, the second component because we manufacture around the world of shipping times and costs has also gone down appreciably. So we really don’t see issues this year. There are occasional components that we see lead times going out on or going up in price, and we manage that as part of our normal process.
John Roy: Right. And maybe one last kind of question on the FCC approval of 6 GHz. If that gets pushed out, do you feel like you would need to take additional steps or kind of just ride it out?
Morgan Kurk: In terms of what managing –
John Roy: Managing costs.
Morgan Kurk: Yes. Obviously, we’re very cautious about making those types of statements, but we are in a very good strong cost position right now containing cost and working capital. And given the potential of that happening, we’re prepared to take whatever actions necessary to maintain strong cost control across our portfolios and internally on our resources.
John Roy: Great. Thanks so much.
Morgan Kurk: Thank you.
Operator: Thank you. [Operator Instructions]. Our next question comes from Tim Savageaux with Northland Capital Markets. Your line is open.
Tim Savageaux: Hi. Good afternoon. Hey. First question, and I do have a follow-up. Looks like you’re doubling your CapEx here in calendar ‘24.
John Becerril: No. We’re not doing that.
Tim Savageaux: You’re not?
John Becerril: No. No. So, our outlook for CapEx for 2024 is $9 million to $11 million. That’s pretty much what we would be tracking on an annual basis. In fact, it’s a little lower than 2023 by $2 million.
Tim Savageaux: Gonna have to check my numbers then. Okay. It looks like you’re doing a $1.25 million the last two quarters, but I’ll go take another look. Alright. Well, that’s not very interesting then. Second question, talked about modest growth for PMT for the year and I’m just trying and also declines in Enterprise and I think you probably ought to set a baseline there for Q1 just in terms of a number, having reported negative 5.5 for Q4, I think that would be helpful. But I appreciate the color on the for the year. After a solid strong growth year in PTP, I mean, do you expect growth of that magnitude, 20%, to continue or moderate and which segment between PMP and point to point would you expect to grow faster on a percentage basis?
John Becerril: Yes. Good question, Tim. For point-to-point, looking at we had a very strong 2023. Going forward into 2024, we’re looking at flat to modest growth there from point to point. And then in our PAP business, we expect sequential growth there in point to multipoint and somewhere between the mid to upper teens, we offer points and multi point.
Tim Savageaux: Great. Thanks very much.
Operator: Thank you. There are no further questions at this time. Like to turn the call back over to Peter Schuman for any closing remarks.
Peter Schuman: Thank you, Michelle. During Q1 2024, Cambium Networks will be presenting to a meeting with investors on March 5 at the JMP Securities Technology Conference and on March 19 at the ROTH Annual Conference. In the meantime, you’re always welcome to contact our Investor Relations department at 847-264-2188 with any questions that arise. Thank you for joining us, and this concludes today’s call.
Operator: Ladies and gentlemen, that concludes today’s quarterly earnings call. Thank you for your participation. You may now log off.
