Mark Delaney: Hey. Good morning. Thank you for taking my questions. Kenny, congratulations on the expanding responsibilities. First on the full year revenue guidance, I recognize there’s no change to the overall guidance. If I look at the second half, in particular, it does imply year-over-year revenue declines especially in the EMS segment. I recognize there’s a high base that’s perhaps a factor. But could you double click a little bit on what’s happening in the second half? How much is maybe that high base in program timing and how much might be macro factors that are contributing to that?
Mark Mondello: Mark, you are breaking up a little bit. There’s some static on the line. So I am not sure I understood your question correctly. So let me offer an answer and if I miss your question, please tell me and I will do a better job trying to dial in on exactly what you are asking. So I think what I heard you ask was back half of the year in terms of revenue. So if I could break that into three buckets and if I — again bring me back to the genesis of your question, if I missed it. If we look at the back half, our DMS revenue is down about $200 million relative to where we thought we would be in September and almost all of that is the consumer space. Our EMS revenue is within $50 million, $100 million where we thought it would be in September, so let’s just say that’s flat and largely as we expected.
At an enterprise level, the second half is off about $150 million, $200 million, and again, that captures the consumer business as a subset. So in the most simplistic terms, that’s how we look at the back half revenue wise relative to the outlook we provided in September.
Mark Delaney: That’s helpful, Mark. Hopefully, you can hear me a little bit better now, I removed my headset. But I was also trying to get at whether or not you thought the declines in the second half was due to program timing and just a high base from last year or you would attribute it to macroeconomic trends?
Mark Mondello: Which declines are you speaking to?
Mark Delaney: Well, specifically in the EMS part of the business being down year-on-year. It looked like it was a tough comp. So was it kind of more program timing or would you attribute it more to macroeconomic factors?
Mark Mondello: You are talking about on a year-on-year basis?
Mark Delaney: Correct.
Mark Mondello: Okay. The vast majority of that is consignment. If you take a look at year-on-year, and again, I will round the numbers and my numbers might not be exact, but if you break it into the four sectors in which we report our business. Digital print and retail, I believe, is up year-on-year. Industrial Semi-Cap is up a lot year-on-year and that’s with a week — that’s with a hopefully a temporary weak situation in Semi-Cap. Our network and storage business is up for the year. And 5G wireless and cloud is down for the year, of which all of that is consignment from a financial perspective and that sector is up in terms of unit volumes.
Mark Delaney: That’s very helpful. Thank you.
Mark Mondello: You are welcome.
Operator: Thank you. We have reached the end of our question-and-answer session. I’d like to turn the floor back to management for any further or closing comments.
Mark Mondello: Thank you for your time today. Please reach out if you have any further questions.
Operator: Thank you. That does conclude today’s teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.
