John Melo: Thanks, Rachel, and thank you for being on the call. First, the agreement is signed. There is actually no ongoing negotiation. And so what we’ve shared is what is currently contracted. We have started at $350 million, and by started, I mean, I think somewhere around the third quarter, we have talked about $350 million in upfront, and we ended up with that $350 million really being divided in $200 million upfront and $150 million in earnouts. And that really was based on negotiating to get to an outcome that we both could feel comfortable with. And a lot of it really in the, I’d call it, implosion of the macro environment, both for the buyer and for us and their Board struggling with the fact that the macro has changed so much and where we were in valuation at the beginning versus where we were at the end of the year.
So that’s what evolved and how value changed over time. As it relates to molecules, I mean, this is still 3x better than the value of any other molecule deal we’ve done. So I actually say the value per molecule has gone up considerably. And remember, the last deal we did was less than 2 years ago. So in just less than 2 years for some blockbuster molecules, right, I mean it was patchouli, it was vanilla. It’s molecules where we’re the largest producers in the world of these end markets. And in a deal less than 2 years after that, we’ve got 3x the value per molecule. So I don’t €“ yes, I would have liked to have gotten more. I think it’s a great deal for both parties. I think we had a fair process, and we had several competitors involved that were interested in also buying the business.
So it wasn’t like we were exposed to a single buyer. And in our best view, working with our Board in light of where the macro turned, we saw this as really getting the best value for the molecules and the time that we’re in.
Han Kieftenbeld: Let me add a quick comment perhaps if I may, Rachel, just to underline John’s point about where we are in the process. The agreement is signed. There is no further negotiation that need to take place. We have previously actually publicized, we just for everybody’s benefit on the call here that we are in HSR review. That process needs to run its course. As John said in his prepared remarks, no later than 30 days to 45 days, and then it will close and money will be coming forward. So I just wanted to clarify that.
Rachel Vatnsdal: No, that’s helpful. And then maybe one here on 2023 guidance. So you pointed to that 95% to 100% revenue growth for 2023, but that includes that strategic transaction. If we take out that strategic transaction since everyone was really expecting that to come in 4Q of €˜22, then your numbers on the core business come in a $200 million dollars lighter than I think the Street was expecting. So can you just kind of walk us through what are you expecting for growth between consumer versus ingredients revenue? And then are you still really embedding that $600 million €“ the $60 million, excuse me, licensing revenue related to DSM payouts in 2023 as well?
John Melo: Yes, look, I’ll start and then Han can jump in. I think we’ve been explicit about the consumer part, right? Consumer running at about the current level of growth. And our real objective is not a single number growth target as much as it is remaining the leading growth from the brands that we have for the respective categories we participate in. So no change there. I think in ingredients, we’re sold out. So it’s not like we can add more ingredients. And there is a significant change in the earn-out and that now we have another $35 million or so potential coming in for the Givaudan earn-out. And I guess our approach in guiding the way we did was actually not about anything to do with our underlying business. It’s actually a simple message.
