Alex Henderson: Well, Liron, we really need some guidance here. You’re doing a major reset here on these numbers. And I think you need to step up to the plate and give us at least a preliminary thought on whether that band has to come down, at least over the short-term?
Liron Eizenman: It will be lower. That’s probably something we can say right now. But I think it will be responsible to give a number without doing the full analysis on our side, understanding exactly what we think it will be. And once we do that, we will come and then provide it.
Alex Henderson: So let’s talk about the commentary about the growth rate. ’24 being a difficult year and then returning to growth. Your business is down quite substantially from recent levels. You’re running at the fourth quarter, I call it $80 million to $85 million in run rate revenue. Is that kind of what we should be thinking about in the first half of ’24? And then if you’ve evaluated your customers’ inventory levels, it’s one thing to say ’24 will be difficult, but is it for the full-year of ’24 or do we start to recover in the back half? Again, we really need some guidance here given the scope of what your reset looks like here. I think the investors deserve that.
Liron Eizenman: The problem is the very low visibility that we have and the economic headwinds that we’re seeing all around the world, this is impacted and it’s not allowing us to see a very clear picture for all of 2024, not even for the first quarter of ’24. I cannot tell you exactly what I’m expecting to see there. And yes, it’s very limiting us from coming and saying something very definitive on 2024, apart from the fact that yes, we think it would be a challenging year due to all the reason that I provided before.
Alex Henderson: Okay. Thanks.
Operator: The next question is from Ross Taylor of ARS Investment Partners. Please go ahead.
Ross Taylor: Thank you. And I second the idea that obviously the sooner you can get clarity to investors, the better things will be for shareholders. At the end of the quarter, what was the inventory level?
Liron Eizenman: It’s written on the balance sheet, so it’s $63 million.
Ross Taylor: So right now you have $63 million in inventory. Do you think that inventory is all, is money good inventory?
Eran Gilad: We believe so, yes.
Ross Taylor: Okay. So what we’re looking at is a case where you’ve got $63 million in inventory, $67 million in cash, which is, I saw my check adds up to $130 million. With the stock trading in the mid-16s right now, you’ve got an enterprise or market cap of about $112 million, which basically indicates that the market is saying that your business has a negative value, ex the inventory and cash. Couple of questions, a philosophical question which Silicom even when it was kind of hitting on all cylinders, struggled to get a valuation that would match what one would think it was worth on the numbers. Obviously, there’s a lot of questions around the business here. I would assume that, you seem to believe you can well, next year might be a tough year to make money in part because you’re investing in a business during a down period, that you believe you can return to some level of reasonable profitability in the past you were making, when you were doing in the low 20s and in revenues you were making about a $1.5 a share.
How do you see the future when you have a market that literally basically says that the company itself as an operating entity, it’s not worth less. It’s actually worth less than zero?
