Mike Bondi: I do. I won’t speak — Ken might want to add something there. But from my perspective, I mean, we’ve initiated more than one or two initiatives in terms of contract and pricing, looking at our optimization of our supply chain going through layers of redundancy in our management layers. We’ve looked at making decisions. We’ve looked at new initiatives to grow revenue through Evoque and partnering up with our Evoque partners’ technologies to create new revenue streams. So I do think with the culmination of all of those activities, we have line of sight to improving the margins substantially.
Ken Peterman: If you think of — this is Ken, if you think of the timeline. Typically, a situation like this, I mean, we go through maybe 10 to 12 months of discovery, understanding how each of our silo business operates, what processes they use, how they do risk management and mitigation, how they do program management, supply chain, inventory management, it just touches every part of the organization. So it takes us some time to move across the organization, benchmark it and fully understand it. Then we’re putting together the action plans to lean that out, apply best process across the board, across the entire enterprise. And so we’re just moving into the phase where we’re going to see the impact on return on investment on the action plans, lean action plans as well as the cost reduction plans that we’re implementing holistically across the enterprise.
So we will see that beginning now in the fourth quarter and then through FY ’24. And that will have a, I must say, a rolling and increasing impact as those were implemented and as we see the results of those actions. So yes, I think that characterizes FY ’24 probably as well as I can.
Asiya Merchant: Okay. And then cash for the year, do you guys — I mean, you had a good decent quarter in terms of cash generation this quarter. I’m assuming next quarter will also be a cash flow positive quarter for you guys. Is that fair?
Mike Bondi: Asiya, in terms of how I’m looking at Q4, I mean, we still have two months to go. We have some large receivables and payables that we’re managing. So it definitely will come down to the timing of things. But at this point, I would say that any cash coming in, in Q4 would likely go to pay down AP and also debt, just making sure we stay within our covenants. So I would expect it to be more closer to breakeven if maybe slightly positive, not expecting a repeat of Q3 typically.
Asiya Merchant: Okay. Alright, thank you.
Operator: Thank you. Our next question comes from Chris Sakai with Singular Research. Your line is open.
Chris Sakai: Yes, hi good afternoon. Can you talk about the decline in net bookings for the quarter? Was this just lumpiness in orders? And then also, where should we expect this? What would be a normalized rate for bookings in the future?
Mike Bondi: Chris, in terms of the bookings profile, we definitely started out the year very strong. We did have some very large items that — some of which we just talked about with George, we had the COMETs come in. We also had some renewals with our Tier 1 carriers, their annual renewals. We also had received in Q2, a very large order from [Yahsat] (ph), a new customer. Those are the types of orders you wouldn’t expect to repeat from quarter-to-quarter. So when you actually strip those out, and you look at our bookings performance in Q3, I think we actually did a pretty good job when you take out the one-time items. Going into Q4, I do think we see maybe a stronger bookings profile in Q4 than Q3. That’s going to be also subject to timing. We always say that the timing of bookings is hard to predict and often lumpy. But I do think that you’ll see an uptick in Q4.
