Ruplu Bhattacharya: Okay. Thanks for all the details. I appreciate it. That’s helpful.
Operator: Your next question comes from the line of Matt Sheerin from Stifel. Your line is open.
MattSheerin: Yes. Thank you. Good afternoon, everyone. Just a little bit more color in terms of what you’re seeing kind of like the Western markets are holding up better. Your big competitor last night is seeing below seasonal demand in all regions, although like you calling out Asia as the weakest area, and they’re seeing an inventory correction start to play out across their business. It doesn’t sound like you’re seeing in that yet? Are there any — other than your commentary about some pushouts and no cancellations. Anything else you’re seeing there or your book-to-bills are going negative in those markets?
Sean Kerins: Well, as I think maybe the CFO commentary or some much suggested, book-to-bills are below parity in all three of our regions. But Matt, I’ll go back to what I shared about the guide, again, in most of our Western markets, we’re at or above normal seasonality in our Q1 outlook. China really is the only place where we’re sub-seasonal here. From an inventory perspective, as I mentioned, I never like to see it creep up, but I have confidence in what it will help us deliver. Our Asia Pac team funny enough kept inventory flat sequentially quarter-over-quarter. So we are managing that as well as we can under the circumstances, especially while we try and juggle the balance between working capital and customer service. I think we’re in pretty good shape on that front moving forward.
Matt Sheerin: Okay. And in components, you talked about weakness in that shortage market in North America, which makes sense. Do you think that’s bottomed in terms of fundamentals there? Or is that going to get weaker before it bottoms?
Sean Kerins: Matt, I think we’re getting closer. I think we’ll still see some of that pressure in Q1, but then I think we’ll see that become less impactful over the balance of this year, assuming all else remains equal.
Matt Sheerin: Okay. Great. And just a question on ECS where it looks like you’ve had nice strong results, still good demand drivers. But we are hearing some concern about the backlog and as that build as component shortages get easier, the backlog working on and forward. Are you seeing that in any of your businesses? Or do you have any kind of outlook in terms of IT spending for the year as you’re talking to your customers?
Sean Kerins: Sure. Maybe I’ll start with your question about backlog. I think in my opening comments, I talked about the fact that the hardware supply chains are easing somewhat. It hasn’t completely flushed and our backlogs are still close to all-time highs in that business. So there’s still a ways to go, but it was nice to see some relief in the fourth quarter. And I think we’ll see some relief throughout the year. I think the broader market, while it was rebounding from the pandemic, I think, has maybe moderated somewhat at least call it mix. We talked about supply chains cloud adoption is slowing somewhat at least from its pandemic levels, given some recessionary concerns, we have seen some evidence of slowing sales cycles surrounding enterprise IT more generally.
But at the same time, pipeline is related to cybersecurity, infrastructure software, things like digital automation, they’re all still pretty active and healthy. So while we’re not super bullish about the growth outlook for the year, by no means, do we see it going south.
Matt Sheerin: Okay, great. Thank you.
Operator: Your next question comes from the line of Jim Suva from Citigroup. Your line is open.
