If you ever have a time, you come to the Bay Area, we’ll take you around and show you some of the investments that we made in a component sides of the businesses really to help us not just drive the revenue, but to go after the business that is more profitable. So Jon, you want to add something to that? What you learned in the last [QVR] (ph).
Jon Faust: Just in the six weeks that I’ve been here, but CPS is a big priority for us. I think I would add to what Jure’s saying. So, and really just focusing on expanding and adding more value for our customers. And if you look along the different lines of businesses there from precision machining, plastics, printed circuit boards, all of them we saw some good operational improvements, But we think that there is more that we can do there to Jure’s point, to continue to grow that business, add value for our customers and expand margins.
Ruplu Bhattacharya: Okay. Thanks for the details there. Since you mentioned revenue a couple of times, I think, Jure, you’ve said that you expect sequential growth in the second half. If I look at consensus estimates, I mean consensus is modeling double digit growth sequentially for both 3Q and 4Q. What do you think about that? I mean when you talk about sequential improvement, I mean is that the kind of level of improvement you’re expecting, like double-digit sequential growth? Any color on that? Like, how strong a growth are you expecting?
Jure Sola: Yeah, we’re guiding, Ruplu, strictly to make sure that we’re clear here. We’re only guiding one quarter at a time in this environment. But I can, as we get into the third quarter, especially in the fourth quarter — the fourth quarter is going to be upside. The question is how much, okay? And it can be a double digit, okay? For the third quarter, I think it will be up, but it’s really hard for me right now to speculate that how much. It all depends on how inventory shakes out, but our customer base and the new programs that are coming up can drive the growth. We’re just going to see it. So I don’t want to overcommit, but I can commit that the longer term, this company is positioned to be a lot bigger than what we just did.
Ruplu Bhattacharya: Okay, thanks for that. And maybe I’ll just try and squeeze 1 more in. You also talked about strong free cash flow this quarter and inventory went down. I mean how — is there a target? Like, how should we think about free cash flow? Typically, EMS companies, if the economy is weak, the counter-cyclical balance sheet, you should have strong free cash flow. Any thoughts on free cash flow, sustainability, and thoughts for free cash flow for the full year?
Jure Sola: Yeah, I mean, Ruplu, you know this business just as good as I do. Yeah, definitely we should be generating in a down market. We should be generating a fair amount of free cash flow as we did last quarter. And we utilized our cash properly. Our stock is a high value. So we bought over $100 million of that, we continue to invest. Yeah, we expect to be cashflow free for a year. I mean, if you look at historically, we’ve been generating free cashflow around $200 million, $250 million, and we should be at that level.
Ruplu Bhattacharya: For fiscal ‘24?
Jure Sola: I’m just saying the general term, we’ll just see how this inventory gets used up in short term. I think that’s going to — I think that short term, first of all, the good thing about inventory, Ruplu, you know in our industry that we have a contract where we only buy what our customers tell us to buy and they’re 100% responsible for this inventory. We charge for carrying charges and et cetera. But just getting these things off our books and turn it into the cash might take a little bit more than just the three months.
Ruplu Bhattacharya: Okay. All right. Thank you for all the details. Appreciate it.
Jure Sola: Yeah, come and see us.
Ruplu Bhattacharya: All right, I will.
Jure Sola: All right, well, first of all, I’d like to say thank you to all our participants. And if we didn’t answer all your questions, as Jon said, we’re available, especially for Jon right now, as he wants to get to know you. So please give us a call. Thanks a lot.
Jon Faust: Thank you, everyone.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation, you may now disconnect.
