Jim Moylan: Very hard to predict where our backlog is going to be next year. It’s going to be good, though. I can certainly expect that to be the case. Our backlog at the end of this year will depend upon what customer behavior is like, how our lead times change and of course, our deliveries during the year. So it’s just hard to predict that specific number on backlog, but it’s going to be good. Now we said we’re going to grow 10% to 12% average over the next 3 years, which implies higher than our previously stated growth for the long-term in fiscal €˜24 and €˜25, not a lot higher but somewhat higher.
Alex Henderson: Great. Thank you.
Gary Smith: Thanks, Alex. Katherine, we are ready for the next question.
Operator: Our next question comes from George Notter with Jefferies. Your line is open.
George Notter: Hi, guys. Thanks very much. Great to see the improvement in supply chain for you here. I was curious about what the expectations are for the Tibit and Benu acquisitions. I guess I’m wondering if they are a significant piece of your revenue expectations for January and then also for the full year. And then also curious about what kind of cost structure comes with those acquisitions. Thanks.
Gary Smith: Yes. We don’t expect to close on Tibit until sort of towards the end of this quarter. And Benu is not large in terms of revenue. So really nothing significant in Q1. As we move through the year, we will see some from both of those, but it’s less than a couple of percentage points of our revenue. However, what it will do, the combination of those two acquisitions will help us as we attempt to build out our PON solutions and our position in that PON market. So, we are very excited by it. And as far as the OpEx, it’s in the sort of $20 million to $30 million of OpEx next year.
George Notter: Got it. For the full year, or is that €“ that’s not per quarter, I assume.
Jim Moylan: Yes. Full year.
George Notter: Okay, got it. Great. That makes sense. And then do you guys have a purchase commitment number out of curiosity for the end of the year?
Jim Moylan: We will get you that. I don’t have that right now, but I will get it to you, George.
George Notter: Okay. Fair enough. Thanks guys. I appreciate it.
Gary Smith: Thanks George.
Operator: One moment. Our next question comes from Simon Leopold with Raymond James. Your line is open.
Simon Leopold: Great. Thanks for taking the question. Just maybe first, a quick clarification on some of the metrics here. Gary, you said that backlog remained over $4 billion. I think last quarter, you talked about $4.4 billion. And I assume that certainly part of the whole sort of normalization process, we have got to begin to be working down backlog, so understandable. But I want to verify that backlog did come down by roughly $300 million to $400 million. And I assume orders this quarter were down year-over-year. Is that a metric you are able to share?
Gary Smith: Yes. It’s down about $200 million. So, you are right, went from about $4.4 billion to about $4.2 billion. You are right, I would €“ as Jim was saying, this should normalize over time. We are not going to continue to run with this kind of backlog, given the size of business we are and the growth that we are seeing even with I think we are going to have €“ to the previous question, longer lead times for a while than we have all seen traditionally. So, I expect us to have on the backlog. I will give you another interesting sort of statistic, so far in Q1 we are off to a very strong start on orders in Q1. And in fact, despite the fact that we have upped our guidance in Q1, sort of midpoint of the range, about sort of 950, we still expect to build backlog in Q1. We are seeing very strong order flows already in the current quarter that we are in.
