Patrick Harshman: Thank you.
Operator: Our next question comes from the line of George Notter of Jefferies. Your line is open, George.
George Notter: Hi guys. Thanks so much. I guess I wanted to ask about the video business. Could you tell us how much satellite revenue you generated in 2022 that will not repeat again in 2023? I am just trying to assess the moving parts on the video side of the business. Thanks.
Sanjay Kalra: George, we have not broken out the revenue by opportunity in any quarter or in the year. And we don’t plan to break revenues in that fashion as well.
George Notter: Got it. Okay. If I go back and look at your 10% customer information by quarter in 2022, I think Intelsat alone accounted for about $37 million, I guess I assume that, that’s not going to repeat in 2023. Is that a fair assumption?
Patrick Harshman: Well, again, a difficult question to answer, George. $37 million to Intelsat, no, I don’t expect that exact amount of revenue to that exact customer. Will we do business with that customer, perhaps we have a historic relationship with Intelsat. Will we do satellite-related business in 2023, yes, we will. So, I regret we are unable to be more specific about specific amounts of revenues with specific customers. But that is something where we can’t go. What I can tell you is that as we have acknowledged before, while the specific C-band reclamation activity in the U.S. is down, and we don’t anticipate quite that level from that application. We expect analogous satellite-related reclamation activity to be an ongoing feature of our video service business. And that expectation is built into our guidance for 2023 as well as the 2025 targets that we have laid out.
George Notter: Alright. Great. Thank you. And then one other thing, you guys in the past have talked about the number of total €“ I guess I am referencing the CableOS business now. But in the past, you guys have referenced the total number of modems in aggregate for the collection of customers that are deploying CableOS. I think last quarter in September, you talked about a $63 million number. I think it was maybe was $60 million that was up about 5%. But can you update us on that number?
Patrick Harshman: Well, I can tell you that the number is between $60 million and $70 million now. And I can also tell you that we have decided that going into this year, we are going to start providing some. The challenge George that you will appreciate is if we win a significant customer, who has got 7 million subscribers hypothetically, and then we announced that, that number went up by sever we are effectively pre-announcing that customer, which is something that we want to avoid doing without more explicit agreement around publicity. If you look at the Denali research coming out of Q3 last year, we are nearly number one in the market. And I expect, if not in Q4, I expect us to be number one in CMTS according to a third-party market research.
So, from that perspective, actually, the salient figure for us becomes the total available addressable which is about $180 million worldwide. Of that, we are about $15 million deployed, so a little less than 10%. And I think going forward, it’s the total addressable market that is going to be the key number to watch. Certainly, that is what we are going after as the current or some to be a market leader, I also think that’s the appropriate number to keep our eyes on.
George Notter: Got it. Thank you very much.
Patrick Harshman: Alright. Thank you.
Operator: Thank you. We have a follow-up question from the line of Ryan Koontz of Needham & Company. Please go ahead, Ryan.
Ryan Koontz: Alright. Thanks. Just a quick follow-up on my backlog topic, I think investors are very focused on that, and I am sure that’s much your consternation. But how would you frame up your expectations for backlog to trend in the year ahead in general in terms of setting the expectations correctly for investors as we grow understanding that there will be quarter-to-quarter kind of lumpiness to backlog orders? How would you frame up your expectation for backlog in €˜23? Thanks.
Patrick Harshman: Let me take a crack at it, and Sanjay, you can weigh in if there is something that I missed. So, I think the best way to explain it, Ryan, is that we expect us to kind of gradually return to historic ratios between backlog and revenue. Now, that’s €“ so we are ahead of that right now. I think a number of customers, as we have explained, really got out in the head and tried to secure €“ get orders on the books much further in advance than they have historically done. And yes, we expect over the next couple of quarters, that to normalize. We saw the beginning about normalization process in the fourth quarter, and that will continue. So, to be clear, we expect total book-to-bill to be greater than one in 2023. And we expect backlog levels to be €“ to fully support the revenue forecast that we are giving you. And €“ but returning to the historic ratio between backlog and revenue implies somewhat less, smaller ratio book-to-bill in the short-term.
Ryan Koontz: Alright. Yes. It does. Thanks a lot Patrick.
Operator: Thank you. At this time, I would like to turn the call back over to Patrick Harshman for closing remarks. Sir?
Patrick Harshman: Alright. Well, thank you very much again, all for joining us today. Again, we are pleased with the business that we €“ the success that we had in €˜22. We are optimistic and confident going into 2023 as well as looking at our business from a multiyear perspective. We are excited. We are determined. The customer relationships are strong. We have got tremendous momentum in the market and we are looking forward to executing a great year. And we are looking forward to keeping you updated. Thank you all, and have a good day.
Operator: Thank you. This concludes today’s conference call. Please disconnect your lines at this time.
