Bill Clancy: Sure. So, Griffin, like as Ziv mentioned, the M&A, obviously, is our top priority. But besides that, we’re always looking for a way to utilize the cash the best. And we had an opportunity during the quarter to bring back over $7 million to pay down our third-party debt. And we are also, at this point in time, continuing to buy back our stock through the authorization that — from the Board of Directors. So, all in all, I think M&A is the top priority, organic growth, and then also looking at buybacks and opportunities to pay down debt as and when possible.
Griffin Boss: Okay, great. Bill, thanks. Steve, thanks. Appreciate it. I’ll jump back in the queue.
Operator: Thank you. [Operator Instructions] And we have a follow-up from John Franzreb of Sidoti & Company. John, please go ahead. Your line is open.
John Franzreb: Yeah. Just I want to go back to what’s going on in steel and in the MS sector — segment. Do you think that, that’s reflective of the UAW strike and the interruption of production in the month of October, or do you think it’s something different? I’d like to hear your thoughts on what’s impacting the steel market for you.
Ziv Shoshani: Well, as you indicated, John, the issues we have in October is part of that, but we are looking at the big picture. And the big picture is, how do we manage the funnel, how do we manage the opportunities. Looking at future opportunities, while China has more than the world — more than 50% of the world’s steel capacity, we are looking at the number of new projects and new developments in China as well as other parts of the world. And given the China economy slowdown and the other projects, we do see that there is a kind of a softening in the market regarding new projects and new opportunities. And this is how we are concluding that — to an extent that this end market is kind of softening.
John Franzreb: Fair enough. Thank you, Ziv. And since you’ve pointed out China, just could you give us a little bit more color on what you’re seeing on a geographic basis, if anything else is standing out either positive or negative? And that’s collectively across the whole company.
Ziv Shoshani: Yeah. Collectively across the whole company, I would say that, well, it’s a little bit of a mixed bag. On one hand, we have China where we sell more industrial products, and this is where we see the slowdown. On the other hand, we have Japan where we are selling much more semi — where we are selling much more semiconductor precision resistors. We do expect to see a rebound, as I indicated, in 2024. I think in America, AMS is strong. Industrial is kind of flattish. While we are also looking at — I would say, at the semiconductor equipment, which same applies as well as Asia, the trend is that they are starting or they are preparing to start to place orders again. Consumer, we have started to see an indication of an increasing order intake.
Regarding Europe, I would say that Europe, we see kind of a softening in respect to the general industrial market, while AMS and the semiconductor test — AMS is still very strong. And test and measurement, we are projecting an increase in order intake in the beginning of next year.
John Franzreb: Perfect. Thank you, Ziv. And again, good luck.
Ziv Shoshani: Thank you.
Operator: Thank you. We have no further questions. And I’ll hand back to Steve for any closing comments.
Steve Cantor: Thank you all for joining our call today, and we look forward to updating you in our next call next quarter. Thank you.
Operator: Thank you. This now concludes today’s call. Thank you all for joining. You may now disconnect your lines.
