Suji Desilva: Okay. Very helpful. And then I apologize if you already discussed this sometime late, but the wireless infrastructure opportunity, are there any tailwind opportunities into calendar 2024? I know that market is a little bit softer now in the demand perspective, but curious if that can recur or kind of revisit that in the calendar 2024 timeframe?
Amir Panush: The market again, Suji?
Suji Desilva: Wireless infrastructure, sorry.
Yaniv Arieli: Yes, this is a market that — for years we’ve monitored. We have two of the biggest players in that industry. And that market is driven by orders and operators demand of the networks in a certain town, city, state, country, it varies. It started off with pretty strong investments in 5G in the last couple of years because of the hype and the demand and the advantages of the latency and much more bandwidth. And recently, they realized that there is no new killer 5G application that is needed for 5G networks. And we’ve seen maybe two quarters or some slowdown, especially in Q3, and we saw the report by the different players in the industry that the demand has softened with also different comments that it may be ramping up again to a better extent in Q4.
So, it was never a seasonal market. It was ever cyclical market. It was based on demand every time or every year, it could be a different quarter that we had a very strong peak and we talked about the strong deployment of 5G base stations. Q3 was muted compared this year compared to Q3 last year, by the way. That was super strong. And it could change the quarter after and because there’s still deployment of 5G worldwide for different use cases. We’re not talking just macro base station, but also small cells and the market is there, the needs are there, but it varies from quarter-to-quarter and from operator-to-operator. And Q3 was very muted, and we hope that Q4 could be more and stronger. And we have other 5G players that not just in the baseband market that Amir also talked about in licensing that could — and will start contributing royalties going forward.
Amir Panush: On a new basis comparison, definitely, we see a potential for growth in 2024. One that has been very muted this year. Second, as Yaniv mentioned, we see — we have more customers that are going to ramp in 2024 outside the macro base station for 5G IoT technologies.
Suji Desilva: Thanks everybody.
Amir Panush: Thank you.
Operator: Thank you. And ladies and gentlemen, this concludes our question-and-answer session. I’d like to turn the conference back over to Richard Kingston for closing remarks.
Richard Kingston: Thank you, Rocco and thank you everyone, for joining us today and for your continued interest in CEVA. As a reminder, the prepared remarks for this conference call are filed as an exhibit to the current report on Form 8-K and accessible through the Investors section of our website. With regards to upcoming events, we will be participating in the following conferences the Wells Fargo’s Seventh Annual TMT sellers taking place November 29th in Rancho Palo Verde, California. Teva is hosting its Investor Day taking place on December 6th in New York and all investors are welcome to attend in person or via webcast. And finally, we’ll be attending the Oppenheimer 4th Annual 5G Summit taking place virtually on December 11th. Further information on these events and all events we will be participating in can be found on the Investors section of our website. Thank you and goodbye.
Operator: Thank you, sir. This concludes today’s conference call. We thank you all for attending today’s presentation. You may now disconnect your lines and have a wonderful day.
