Chuck Treadway: Yes. I would start with our structural demand and why we believe that stays intact, and that’s because of our funnel. And we have a lot of projects there. We have a closed one list that we keep track of. We continue to win projects. So we feel good about that. If you look at the Dell’Oro report, I think they’re calling out for a lower 2024. But if you think back going forward, if you look at that report going forward, they’re talking about like a 5% CAGR over the next five years or so after this. So, I do think we’re going to have a couple of bumpy quarters as you’ve heard from many of our competitors kind of said the same thing. But we think the second half will come back. And I think that’s a combination of the inventory adjustments, people shipping out what we have plus the funnel that we have for the balance that will help us with our bounce back.
Victor Chiu: Okay. Great. That’s helpful. And just on the OWN segment. Can you help us think about the shift to Open RAN in the U.S. and Europe? Have you guys considered how that affects the OWN segment, if you kind of built any of that into your assumptions?
Chuck Treadway: I would say related to Open RAN, we are supportive of our customer base wherever they want to work with – with that technology. We are working together with them. But I would say we’re not seeing that much in terms of our plans. We’re looking at more passive antennas, our MOSAIC product, the refresh that they have going on in their networks and how we support the lower frequencies. We are positive about what’s going to happen in the rural areas. We think that there’s a larger chance for us to do with [indiscernible], which would be also positive for us versus the massive MIMO everywhere. So that’s also a positive thing for us.
Victor Chiu: Great. That’s helpful. I’ll get back in the queue. Thank you.
Operator: One moment for our next question. Our next question comes from Steven Fox with Fox Advisors. Your line is open.
Steven Fox: Hi, good morning. A couple of questions from me, if I could. First off, Chuck, given the recessionary environment you’re describing, can you talk about competition, how it’s impacting pricing and maybe smaller competitors that may have may be struggling to make it to the other side of this downturn?
Chuck Treadway: Yes. I would say up to this point, I think we’re all looking at the situation as we – as you just heard, one of the questions we got asked what’s going on with incoming material cost and those are flat. I think our customers understand our volume situation. So we’re not getting that much on pricing pressure. I think what I would hope is that we all work together through this downtime and behave appropriately. I would say we need to work together. I’d say small firms out there right now. I think they’re going to be in a much – much deeper and more challenging situation than us. But I think what we all have to do is hold together right now and get through this.
Steven Fox: That’s helpful. And then just in terms of the cash flows going forward, I know you’re not providing guidance, but like anything else you can add from a color standpoint, depending on what we all come up with EBITDA, what else you think you can do to just sort of generate cash flows from a working capital standpoint and also from an active production standpoint? Any more mothballing of facilities for a time being, things that could layoffs, et cetera, anything else that you would consider doing just to sort of preserve the balance sheet? Thanks.
Kyle Lorentzen: Yes. I think on the cash side, we’ve talked a little bit about the fact that we as a result of some of the challenges we go to 2022 with supply. We’re holding a little bit more inventory than we would like to, although with the demand continuing to sort of push out, it’s a little bit harder to monetize that. But I think as we think about areas of opportunity, I think inventory is a place that we feel like there’s some opportunity; so I think that’s definitely an area. I think as we think about the cost side of our business, we’re talking about implementing this $100 million plan I think that sort of goes across the organization as to where we’re going to get that $100 million from. And as you would expect, just not just because of our current situation and the demand profile, it just ongoing.
I mean, I think we’re always looking for opportunities to optimize. And that’s just that’s across all of our functional areas, including operations.
Steven Fox: That’s helpful. Thank you.
Operator: One moment for our next question. Our next question comes from Meta Marshall with Morgan Stanley. Your line is open.
Meta Marshall: Great. Thanks. I know the question has been asked in a variety of different ways. But you guys have just kind of undergone a pretty decent overhaul of the portfolio, whether it be MOSAIC or some of the work that you guys have done on RUCKUS and the ANS portfolio. So just where do you feel like the share gain opportunities are the greatest as demand comes back? And then just maybe a second question – just in terms of what understanding kind of how you’ve laid out about OWN and ANS looking or seeing CCS and some signs of kind of demand improvement or early signs of demand improvement. But just any context in terms of – is that largely at the edge? Or just like where within the network, you were seeing that kind of uptick within those business areas? Thanks.
