So — and obviously, the Cornell will add — just think of it, we said about $140 million. It’s probably a little bit more back-end loaded than front-end loaded, but you can get to a number there to see kind of what Cornell will be generating. So — but overall, I think, Chris, what we kind of feel is Q3, without Cornell, we’re flattish year-over-year. So we feel pretty good about that considering everything that’s going on in the marketplaces. And then Q1, with having obviously some easy comps in Q1 of ’23, we should see some significant growth. And then on top of it, adding in the Cornell number as well.
Operator: Your next question comes from the line of Anthony Stoss with Craig-Hallum Capital.
Anthony Stoss: Maybe more for John. In terms of total OpEx and gross margins for the December quarter, could you give us kind of your thoughts?
John Anderson: You said for the — for Q4, Tony?
Anthony Stoss: Yes.
John Anderson: Yes. So again, we’re kind of moving away from gross margin, really focusing on operating margin with this transformation to industrial tech. What I’ll say is Q3 had some onetime benefits that were in both gross margin and operating margins that were fixed asset sales. We had roughly $5 million. We also had, I’ll call it, an NRE recovery of a couple of million dollars. That is not going to recur in Q4. So you’ll see margins going down sequentially.
Anthony Stoss: Okay. But just on OpEx, I know it’s like too much…
John Anderson: Yes. From an OpEx standpoint, Tony, we ran — we — I think a couple of times, I’ve talked about kind of $43 million to $45 million run rate. We’ve been a little lower than that. We will jump up with the Cornell Dubler acquisition slightly. But I would say for the core business, that $43 million to $45 million run rate, we’re right there. It could be a touch lower than that. And then on top of that, adding into CD. CD is roughly $20 million to $25 million annually in operating expenses.
Anthony Stoss: Okay. Got it. And then if you guys were to — it seems like things are picking up bookings on PD. If you were just to look at Knowles prior CD, would you expect total revenue growth in 2024 over 2023? Jeff?
Jeffrey Niew: Well, I mean, I’m not going to predict the full year at this moment, but I would just start and say is Q1 will definitely be up year-over-year, not counting CD. I would say that’s kind of the thing I’d step out. It’s a little early to start projecting the full year, but I think we’re going to start off very well in Q1. Going back to kind of what I answered on one of the other questions, which is then in the microphone business as well as the MSA business, we expect some pretty strong year-over-year growth in Q1. I would say the PD business is still, I would say, flattish and then add on top of it the CD revenue.
Anthony Stoss: Got it. And then speaking of CD, I’m curious if you could share some light on where they stand inventory-wise. Is it similar to Knowles position, there’s still a little bit to be worked off? Or what kind of commentary can you give us on CDs inventory?
Jeffrey Niew: Yes. I think they’re seeing a lot of the same thing in their distribution portion of the business. Just remember, this is quite a bit more distribution business. About 50% of our revenue goes through distribution. And they are seeing the same thing. But here’s what I would add. Their OEM business, their direct business is actually holding up a little bit better than the PD business. And the reason I say this is, remember, we had these kind of push outs on defense relative to things like Lockheed, which we’ve talked about in previous quarters. They have a fair amount of business in what I would call electrification, clean energy, medtech, and it seems to be holding up pretty well their OEM business. So that’s kind of like kind of a little bit offsetting. So we’re not seeing overall quite the decline that we saw in the PD business. So I think in the distribution/Industrial portion of the business, yes, we’re seeing similar things.
