Asiya Merchant: Great. Thanks for the opportunity. So, a lot of questions have been asked. I just wanted to ask about cash flow, with a drawdown this quarter as well on your cash flow from operations? And how should we think about the cash trajectory for the remainder of the year?
Michael Bondi: Sure, just to level-set to for the quarter, Asiya, keep in mind that we did pay out about $4 million in CEO transition cost during the quarter. So, just making sure you’re aware of that. In light of our backlog growing about $50 million this quarter, we certainly felt that it was prudent to start the procurement cycle of some specific items to support that increase in backlog. And from an investing perspective, CapEx in Q1, might look a little high right now, but, keep in mind that at the end of last year, we had about $6 million of unpaid capital purchases. So, that hit in Q1. And coming off of a $30 million target for last year, we — holistically we spent about $25 million of that $26 million. So, where we can, we are trying to be very prudent about the timing and the amounts of what we’re spending.
Certainly, we have thoughts of growth in our future and so we will continue to make those investments. But at the same time, we’re also seeing the channel of facility move coming towards the end. The Pennsylvania contract, Arizona contract, and South Carolina contract in the 911 space, we’re also getting those PSAPs on to the system. So, we should start to see that CapEx start to turn back to more historical levels. In terms of cash flows for Q2, we still have some other initiatives that we’re working on, I would say, you can — I’m going to give specific guidance on CapEx for Q2, but it’s going to be probably still elevated, and then trail off towards the back half of the year. But in terms of overall cash flow generation, we’re trying to be mindful of a leverage ratio now that we have a new credit facility in place.
We have some flexibility to operate and to support some of these large bookings. So, overall for the year, I’m not going to give a specific number. We do at this point, expect to be positive, but there’s a lot of year left, we still have some pipeline opportunities that may hit and so right now, we’re just going to keep our comments down to Q2.
Asiya Merchant: Okay. And then just — there are these one-off charges that kind of seems to show up in the non-GAAP adjusted strategic technology costs and things like this. Is this going to be — is this something that’s recurring? And then if so, why not just included in your regular R&D or OpEx?
Michael Bondi: In terms of the strategic emerging technology costs, it is specific to a type of technology and customer set. As we’re evaluating this market, it’s not recurring in nature, say for the opportunities that are very near-term in front of us, we would not likely be spending that. But because of those opportunities, we made a decision as a company to go above and beyond to show our potential customers and existing customers that we’re here to partner with them. So, it will be something that is not going to be there for forever. But right now, there’s — it’s a very competitive marketplace, there’s a lot of opportunity to grab and so we’re going to make those investments to secure for the long-term.
Asiya Merchant: Okay. And then I know you guys talked about EBITDA margins and how currently, there’s puts and takes do that specifically, on — why pining around the 8% level? I know, you guys are guiding, but is it fair to assume that by the end of the year, at least, as you exit into fiscal — as you exit this fiscal year, maybe even into early next year, we should get back to margins with the double-digit level versus these high single-digit margins that you are right now at?
