Eric Martinuzzi: Okay. And then last question from me. The cash gross margins, you talked about them being, I guess, sequentially higher in Q3. Can we get a little bit more granularity around that? Obviously, the 30.8% it was below where I was forecasting for Q2. I have a pretty substantial step-up in Q3, but can you put some maybe a range around the — what your expectation is either for Q3 or for 2023?
Stephen Cumming: Yes, Eric, this is Stephen. I’ll elaborate a little bit more. So as a company, I mentioned in the prepared remarks, we have a high fixed cost structure from the operations – our network that has pressured our gross margins. That certainly came out in the first half of this year, and Q2 even more so being a seasonally weaker quarter. As I said, you should expect our cash gross margins to sequentially improve. I would sort of liken it to somewhere in the realms of 300-plus type basis points as we go into the third quarter. Obviously, we’ve got a lot of cost-saving initiatives, and synergies that we’re working towards on that $85 million to $90 million of cost takeout and a lot of those go to the cost line. But it takes time to work through some of those. So from a run rate perspective, you’ll see a lot more of that materialize towards the end of the year and then tee us up very nicely for 2024.
Eric Martinuzzi: Understand. Thanks for taking my questions and good luck.
Stephen Cumming: Thanks.
Robert Lyons: Thank you, Eric.
Operator: Your next question comes from the line of Frank Louthan from Raymond James. Please go ahead.
Unidentified Analyst: Great. Thank you. Hi guys. This is Rob on for Frank. How is pricing in the delivery segment holding up? And you were just characterizing the churn before. Out of curiosity, have you guys seen any churn from existing customers related to the share price? Thank you.
Robert Lyons: Yes. No problem. Hi Rob, it’s Bob. So I’ll start with the churn. We — actually, the churn that we’ve always talked about was in the applications business acquired as part of the acquisition. We have not seen churn in our kind of our legacy business. In fact our net – one of the metrics we use is net traffic retention, which is year-over-year traffic that we get from our top 20 clients, and that’s up year-over-year. So, we’re actually seeing pretty positive there. Obviously, that’s one factor. The other factor that drives revenue there is pricing compression, which historically is bids at times. We’re actually seeing that settle down for a couple of reasons. I think, one, you’re not seeing the market grow as fast as it had in the past.
I think most industry pundits put it at low single-digits, maybe 3% to 5% overall growth. And when you have that, the media companies have less leverage, they have less subscribers. And then also, we’ve seen further consolidation in the industry, some of the news that’s out recently where you see yet other players falling out of the market. So, I think with all those things being true, and the fact that we maintain our high performance and our quality support, that part of the business is run pretty stably. We’re not going to grow it partly, because the way to grow it is to try to take market share from somebody else, which means you got to come in lower the price. And so instead, what we’re focused on right now is how do we take what we have and earn more based on performance and really focus on return on invested capital for that business, which we think is a better — a more prudent move for our shareholders.
Unidentified Analyst: Great. That’s helpful. Thanks guys.
Robert Lyons: Yes. Thank you.
Operator: Your next question comes from the line of Jeff Van Rhee from Craig-Hallum. Please go ahead.
