Ben Reitzes: Hey, thanks. Good afternoon, everyone. I wanted to ask about your share repurchase cadence. Stock obviously could get hit here. We have been talking about $5 billion in buybacks or so for the year. I know some of that stops that dilution. If you guys are confident in the second half pickup, is there any potential that you would be more aggressive in the upcoming quarter? And how are you thinking about share repo this year, given current dynamics with the Splunk deal coming? Thanks.
Chuck Robbins: Yes, Ben, as we said on the Splunk transaction, it’s going to be outside of the transactional costs. It’s going to be cash flow positive from the first year forward. So the Splunk transaction is not, in any way, having an effect on our capital return, either through the dividend or through the — through share buybacks. We expect to continue that higher level and consistent higher level of share buybacks, and to continue to show increases in our dividend. We also will obviously look at the opportunity — at the chance to be opportunistic on the share buyback. I’m not going to commit to that at this moment, but that is something that we will obviously take a look at.
Sami Badri: All right. Thank you, Ben.
Ben Reitzes: Thank you.
Sami Badri: All right. Michelle, next question.
Operator: Samik Chatterjee with JPMorgan. You may go ahead.
Samik Chatterjee: Hi. Thank you for taking my question. I guess, if I can just clarify one thing first. I think, Chuck, in your prepared remarks, you did say, you saw the more pronounced impact on the orders in the month of October. I think that’s what I heard you say. I mean, just curious, are you implying that you did see an improvement in orders in the sort of first couple of weeks of November itself and that’s maybe part of your confidence in that? It’s a bit more temporary than a longer pause from the customers? And then you did mention large partners really being the ones that are facing this sort of inventory installation problem. What gives you sort of color that SMB, the smaller customers sort of not going to face the similar issue or are you also baking that in, in terms of your sort of next couple of quarters of headwinds that you’re thinking about on the revenue side? Thank you.
Chuck Robbins: Thanks, Samik. I think my point with October was that if you go back to the end of Q4, we talked about on the last call that we had a fair amount of momentum as we exited the quarter, which is one of the reasons we didn’t expect to see this. And we had our normal year-end sales, moving accounts around, moving territories around, and getting sort of the sales start-up process that happens in the first say six weeks of the fiscal year, which we went through. So what we tend to look for is the middle of the quarter. And then into October is when we expect to see, the actual quarter materialize and everything kind of come together, and it just didn’t. And that’s what — that was the comment about that it was primarily — we really — it was really clear to us in October that — that this was going to be the situation.
Relative to they’re the ones who are having the consumption issue because they have the most inventory. You asked how we — what confidence we have if it’s not SMB, if you look at orders, we look at — we look at a sub-segmentation within enterprise now, and within service provider, etc., and SMB was fine. And in fact, the smaller the customer we had, the better their order performance for us in the quarter was. So it just follow the trend that the consumption issue was upmarket and small to mid-sized customers didn’t feel it.
Samik Chatterjee: Okay. Thank you.
Sami Badri: All right. Thank you, Samik. Michelle, next question.
Operator: David Vogt with UBS. You may go ahead, sir.
David Vogt: Great. Thanks, guys, for taking my question. Scott, maybe this is for you. I just want to unpack maybe one of the comments that you made. And I know you don’t guide to orders. But I think in your prepared remarks, you said backlog is back at normal levels at the end of the quarter. So, we do assume that the guide for Q2 and the rest of the year doesn’t include backlog conversion into revenue? And then, if that’s the case, to your comment about orders accelerating in the second half, I know you don’t guide specifically to orders, but you did make a comment that revenue is going be up, I think, sequentially in the third quarter year-over-year and in the fourth quarter sequentially and year-over-year. Doesn’t that suggest like a pretty steep order acceleration, not just an acceleration, but significant positive order trajectory in the fourth quarter and the third quarter? I know, it’s easy comps. But just some more color there would be helpful. Thanks.
Scott Herren: Yes. Yes, David, we did say that. I do. We are expecting sequential improvement in the second half of the year in both Q3 and in Q4. And in both — and again, we don’t guide this, but in both orders and revenue as you’d expect. Backlog is normalized at this point. We knew that would happen in the first half. I think supply chain team did a great job getting those orders in the hands of our customers. We would now need them to implement them, but we’ve got the orders in the hands of our customers. So we do see sequential increases. And as you said, as you noted from a bookings standpoint, our order standpoint, the second half has easier compare points. Obviously, the reverse is true on revenue and the second half revenue will have very difficult compare points than last year.
David Vogt: Great. Thank you.
Sami Badri: All right. Thank you, David. Michelle, next question.
Operator: Matt Niknam with Deutsche Bank. You may go ahead.
