Ryan Koontz: Okay. Helpful. And then any color you can share on the risk in terms of what areas of the business, are these duplicative functions, are these redeployment of resources? Kind of walk us through what sort of adjustments you made on the OpEx side that’d be helpful.
Jeremy Whitaker: Yeah, some of it was duplicative. We did an acquisition of Uplogix nearly a year ago and then prior to that, a transition networks. And so, some of these were positions that as we’ve been able to get systems integrated and offices together, we’ve been able to identify some additional cost synergies to take out of the business. So, I think it’s just a bit more of where we’re at in the wrapping up the integration phase and identifying areas that we had duplicity.
Ryan Koontz: And is that in terms of the different cost components of R&D, SG&A, and Ops folks that flow into COGS, is it pretty broad-based or more focused?
Jeremy Whitaker: I would say it was pretty broad-based. We had done something in sales a couple quarters ago and so, this was probably more Ops, R&D, a little bit of marketing, and G&A.
Ryan Koontz: That’s all I have. Thank you.
Operator: The next question comes from Christian Schwab of Craig-Hallum Capital Group. Please go ahead.
Christian Schwab: Hey, guys. I just want to, Jeremy, confirm something. So, the roughly $20 million miss at the midpoint from street expectations around $180 million to $160 million. So, half of that came from the distribution channel, excess inventory levels, and the other $10 million came from the large customer push-out. Is that correct?
Jeremy Whitaker: Yeah. I would say it’s probably a little more heavily weighted to the distribution channel, long tail, kind of broad-based business.
Christian Schwab: Okay. So, it’s not 50-50. It’s maybe two-thirds, one-third?
Jeremy Whitaker: That’s probably in the ballpark.
Christian Schwab: Okay. And then, shipping to Gridspertise, how much revenue do you expect to ship to Gridspertise in fiscal ’24, roughly?
Jeremy Whitaker: Yeah. So, yeah, it’s nearly $40 million, right around, maybe slightly a tad below that and we’re on track to deliver that this fiscal year and it was a significant contributor to the current quarter, as we’d expected.
Christian Schwab: Yeah. Okay. So, Gridspertise is going as planned, and then we’re kind of seeing some of the disruptions in the business that, well, many of your peers are seeing. So, right. So, as we look beyond the fiscal year, range of assumptions of big pipeline, large deals, inventory correction being over, have we figured out, what we think the sustainable top-line growth rate of the portfolio is? Are we running a 10% company? Are we running a 15% company, a 20% company? What should we be thinking about over a ballpark year timeframe?
Saleel Awsare: Yeah. This is Saleel here, Christian. I’m still going through all the numbers as I look at it. I think this is a growing company for sure. It’s not a 25% grower. Let me be clear about that, because that’s substantially different. I think this is high single digits, low double digit kind of grower. And be clear, some of these compute platforms that we’re working on could do better than we anticipate. Just like Jeremy said, one of them got pushed out, but these are, I would think about as a high-protein kind of businesses. So, if one hits, it’s a big number, but right now, I’m not ready to get into fiscal ’25 and moving forward, we’re going to kind of give you guys, more near-term kind of guidance as I think about it, but I see this as a growing company for sure, because we’ve got some of the right stuff with these compute and connect platforms that we have internally.
Christian Schwab: Yeah. So, on a go-forward basis, we should be, expect you guys to act like the disproportionate large share of public companies. We’re going to go one quarter at a time, and then we’ll speak esoterically about the future, but we’re not going to start the year and give you guidance like this again. That’s probably something we shouldn’t be anticipating as we exit this fiscal year. Did I hear you correctly?
Saleel Awsare: Yeah, that’s where my head’s at right now. I came from — I’ll be very transparent with you. I came from a place where we did that. That’s where my head’s at. But, I’m open to adapting, which I’ve done in the past. So, we’ll think about it. But that’s where my head’s at right now.
Christian Schwab: Okay. Perfect. No other questions. Thanks, guys.
Saleel Awsare: Thank you. Thank you for your question.
Operator: This concludes our question-and-answer session. The conference has now also concluded. Thank you for attending today’s presentation and you may now disconnect.
