Chuck Robbins: Yes. If I could make one more comment, Tim. On the sequentials, we said given that the year-over-years are just sort of difficult to — they don’t really provide a clear view on what’s going on. We’ve been talking about sequentials a fair amount. And I did say in my opening comments that sequentials from Q3 to Q4 were in excess of 30%. To put that in perspective, it’s typically 18% to 20%. And from a customer segment perspective, enterprise was well above that, public sector was well above it. Commercial was pretty close to it and service provider was the low one. However, it was still above historical trends on a sequential basis. So just to try to give you as much color as we can.
Tim Long: Thank you. Very helpful.
Marilyn Mora: Michelle, let’s go ahead and move to the next question.
Operator: Thank you. Amit Daryanani with Evercore. You may go ahead, sir.
Amit Daryanani: Thanks a lot for taking my question. Congrats on a nice set of numbers here. I guess, maybe two things I’d love to get your perspective on. Chuck, when you talk about consistency in capital allocation, can you just expand a bit more on what does that mean? Are you going to think about this as a percent of free cash flow that you’re going to go for buybacks or some other metric? Can you just talk about what does that mean? And how do you intend to deploy the capital allocation would be helpful. And then perhaps somewhat maybe related to that, I guess, when we think about the fiscal ’24 revenue guide that you folks are providing, 7% growth in Q1, I think, 1% for the full year. That sort of would imply back half will decline. So what are you assuming in the back half that gives you that kind of worry that would be helpful? Thank you.
Chuck Robbins: Let me make some just a couple of comments, and I’m going to hand it to Scott and let him answer probably both of these. On the capital allocation and the leverage comments, what I would say is that we’ve spent a lot of time talking to our shareholders over the last few months. And it’s clearly important to our shareholders that we commit to and we deliver on operating leverage in our P&L, and we’ve been doing it, but we haven’t committed to it for long term. So that’s what we’re basically doing today is saying that we are going to continue to commit to do — to provide operating leverage in the P&L as we look to the future. And then on the buybacks, we had also increased — there are two things we wanted to do was increase the amount as well as drive more consistency and predictability for our shareholders.
And so the rate, as I said, that we’ve been running at like the last three quarters is sort of the target that we would be at on a quarterly basis as we go forward. Scott, do you want to add to that and then talk about the revenue guide?
Scott Herren: Yes, will do. And Amit I think you were one of those voices that talked about cap allocation consistency.
Chuck Robbins: I think I remember that.
Scott Herren: At a higher level and also being consistent and what you’ve seen over the last three quarters is that share buyback has been very consistent at $1.25 billion — right around $1.25 billion per quarter. We see that continuing into the future. That’s $5 billion a year in share buybacks. The dividend right now runs round number $6.5 billion. So you add those two together, that’s $11.5 billion of capital return to shareholders. It doesn’t feel like it’s in a bad place, but responding to the need to be both elevated and more consistent in share buybacks is what you’re hearing. You’ve seen us do it already. The difference is we’re verbalizing it in advance now, I guess. And on your revenue guide question, I think it’s easy to get a little confused by the year-on-year growth rates when we’ve had the supply constraints that we’ve had over the last few years.
