Mandeep Chawla: Yeah. Right now, for both taxes and for interest, I would suggest on the tax side put there to use 19% to 21% next year. This year we are on track for around 20% and at this point we don’t see a major deviation from that. And then to your point on interest expense, we are starting to see a little bit of a reduction. Despite rates having gone up so much because of the cash conversion that we are having, we are having reduced AR sales and we are not having to hit the revolver as much. I think right now, if you modeled somewhere close to $70 million for next year. It would be representative of what we are expecting and that is a bit of an improvement over 2023.
Matt Sheerin: Okay. Very good. Thank you.
Rob Mionis: Thanks, Matt.
Operator: Your next question comes from the line of Todd Coupland from CIBC. Please go ahead.
Todd Coupland: Great. Thanks. Good morning, everyone. I wanted to ask about the volatility in the enterprise business, obviously, strong in Q2 and then dipping down this quarter and moving back up next quarter. Can you just talk about why you are seeing that type of volatility and how we should think about the rhythm into 2024?
Rob Mionis: Yeah. Within enterprise, the volatility is really being driven by storage. We have had a new program ramp that was put on pause by a customer as they qualify another piece of the rack that they are looking to deploy in their data center and as that comes online, that program will continue to ramp. So really within enterprise it’s the demand fluctuations that are happening within the storage area. Again within enterprise, we also have our proprietary compute business and that continues to be very robust both in the third quarter and in the fourth quarter and going into next year.
Todd Coupland: Okay. And you called out switching growth starting to return. I guess that’s going to show up in the enterprise line as well and I know 800G is second half of the year. So when are you thinking some of that switch demand might show up. Is it just with the initial orders of 800G or will that come with some of the established products? Thanks.
Rob Mionis: Well, switching would be part of our communications end market and that, well, should come out of the gates in 2024 hot out of the gates, the 800G will start ramping towards the end of 2024, the second half of 2024, I should say.
Mandeep Chawla: Yeah. I think we are very pleased about, Todd, is that we have won a number of programs in the 800G market and so it’s really about the ability for our customers to absorb the hardware that they are ordering. As we talked about last quarter, we are seeing proprietary compute really be the leading indicator, obviously, we are fulfilling a lot of that right now. We are pleased that we have already received the wins that we were looking for in the 800G market. And then so it’s really a matter of just the time on when specific customers start shifting towards that spend. But we are already in very active dialogue on the design front with those customers and are preparing for qualification of as we go into 2024.
Rob Mionis: Just to add on, Todd, as the 400G to 800G transition happens, we have actually won all the follow on competitions from 400G to 800G with our hyperscalers, which just shows you the level of expertise that we are bringing to the party with respect to our design capability and manufacturing capability.
Todd Coupland: Okay. One last question on this point. So when you say starting 2024 hot or out of the gate, do you — you mean in Q1 comms business will pick up from 400G. So should the investor expectation be reduced seasonality in Q1 because the comms business is expected to pick up, how should we think about that?
