Michael Ruppert: Yes. So with regards to the balance sheet, Austin, as the supply chain normalizes, as we’ve discussed, we do expect to see an unlined inventory and an increase in inventory turns that also has been impacting our unbilled receivables, where we’ve been unable to deliver in some circumstances, because of long lead times or even a shortage of parts. And once that normalizes we expect both those accounts inventory and unbilled decrease, which is why we think there’s stronger cash flow in Q4 but really adding into fiscal ’24. As things begin to normalize, we expect that there should be a significant reduction in working capital again, once that supply chain normalizes.
Austin Moeller: And then on the semiconductor side of things, clearly, I think part of the semiconductor marketplace is rolled over on the lower end, largely as a result of what is going on on the consumer electronics side of things. The high end, as I mentioned, is still although it’s softened somewhat from a lead time, it’s come down a little bit on average, it’s still far longer than what it was pre-pandemic. And so we haven’t seen much movement there at all in fact, if anything, the prices are going the other way still. The high end semiconductors and seeing price increases from Intel, from Xilinx, from analog devices. And so the high end is still pricing is still pretty challenging. On the lowest on the lower end side of things we have been able to negotiate better pricing in some parts of the market. But it’s still pretty challenging out there Austin.
Austin Moeller: Okay, and then just a follow up on that. I think you said in the remarks, you’re sort of anticipating improvement in lead times in the second half of fiscal year ’24. What are you seeing on the year end that gives you confidence in that? Is that what’s been communicated to you from TSMC and Intel? Or how should we think about the timing there?
Mark Aslett: Yes. So we’re obviously not in contact with TSMC directly, it’s we’re dealing with the companies whose chips are actually fogged in the TSMC facility, as well as other facilities offshore from various other companies. And so the 36 to 72, we believe times that they mentioned is, what we are seeing right now, with respect to the POC that we’ve got on the high end is semiconductors. And so these are the logic devices, the FPGAs that go into many of our processing systems. And so we’re getting the input from our suppliers as to what they’re seeing. And now we’ll see what happens. If things continue. Hopefully, they continue to come down.
Austin Moeller: Okay, great. Thanks for diving into the details there.
Mark Aslett: Thanks, Austin.
Operator: Your next question comes from the line of Noah Poponak with Goldman Sachs. Your line is now open.
Noah Poponak: Hey, good evening, everyone. And, Mike, thanks for spending time with us and working with us over the years and all the best going forward.
Michael Ruppert: Thanks Noah.
Noah Poponak: It’s been a funky year and a half or two years. If I kind of zoom out and try to sort of recalibrate for it. The top line actually never really got that bad. There is kind of three distinct quarters where the revenue decline is a little more severe and then a few where it’s really actually not that severe. And that’s kind of it. Relative to that, the margin change is more significant and pretty volatile in the year. And then the cash flow changes is very significant. And working capital, in particular, I guess, how do I square all of that, when you kind of look back at this 18 to 24 months window why does the profitability and the cash flow so much more volatile than the top line?
