Rami Rahim: Let me start, and then, Ken, you might want to weigh in as well. So are there macro sort of challenges weighing in on the Service Provider segment. As I said in my prepared remarks, there are definitely customers across all segments, including in Service Providers that are, let’s just say, scrutinizing orders a bit more, looking at time lines for projects, making sure that they’re spending as efficiently as possible. So that is happening without a doubt. Having said that, our outlook, our long-term model for Service Provider is a minus two to sort of plus two range. We’ve managed to exceed that over the last couple of years. I actually think we can still, even with these sorts of macro challenges that are — that we’re seeing out there, maintain that sort of long-term range.
Just based on some of these factors that I just mentioned in answering the prior question, right, there are still 400-gig projects that are out there that remain exceptionally important for Service Providers in order to keep ahead of their demand pattern in their networks. Metro opportunities are definitely still there. The need to carry an increased amount of 5G traffic in fiber optic networks. The need for highly automated Metro solutions continues to be there, and this is a net new market opportunity for us. So net-net, I actually am long term, quite optimistic about this segment despite some of the macro concerns that might be out there?
Ken Miller: The only thing I would add is as I’ve said before, any 90-day period, you’re going to see a little bit of lumpiness Q-to-Q based on either vertical cuts or customer solution cuts. That really is a factor of inventory and supply and what we’re able to ship in any given quarter. I think a longer-term view of FY ’22 was more indicative of what our Service Provider business is doing, and we did post 3% growth, as Rami mentioned, above our model. So I feel good about the space overall. Based on the customers conversations we’ve had and the supply constraints, quite honestly, that we’ve had over the last few quarters, we do not believe customers are sitting on excess at inventory levels. It’s not something that we’re particularly worried about at this point.
They clearly are able to not book as much as they did prior because they’re no longer accelerating orders and are actually — we’re actually delivering the orders they booked previously. So the bookings is getting impacted. But from a revenue perspective, we’re not seeing that impact.
Operator: Okay. The next question is coming from David Vogt with UBS.
David Vogt: You guys were pretty clear, I think, on all the puts and takes in ’23, but I wanted to ask a question about normalization. And so if you think about your order growth pattern over the last couple of years, it’s been incredibly strong, but your backlog exiting 2020 was roughly about $400 million, and your business is about 20% bigger today. So when we start to think about what normalized order growth rates look like and backlog looks like, how should we think about where backlog should be relative to where you were, let’s say, two years ago or 2.5 years ago and your desire to obviously build some buffer stock to meet customer demand. Should we expect backlog to be a normalized period sort of commensurate with sort of the ratios that we’ve seen in the past? Or should we expect a slightly higher uptick in the backlog going forward when things normalize?
