Samir Patel: David, following up on the inventories issue. I know you don’t want to pin down to a specific number. But if I just look at data I pulled here, and I don’t know if this is accurate, but it looks like from October of 2002 all the way through, call it, maybe late 2018, your inventory turns were kind of at 5 or above, except for a very brief period early in that decade. Today, those inventory turns according to my data source are at 3.3. So is there something structural about your business where as the supply chain headwinds abate — I mean, do you think getting back to maybe that 4, 4.5, 5x inventory turns is a reasonable target? Or is there something structurally different in the business today?
David Smith: I love the question. I wish I had been around long enough to have that in my bones. But I’ll take your math at good faith. No, there’s nothing about the business inherently that should keep us from getting back to those levels. I think the aerospace business will always turn slower than the PI business for a variety of reasons, including the fact that you have to support these printers for a very, very long time. And if you have old technology, you have to do last-time buys to make sure that you have the components to build the printers over that entire period. And I think that’s sort of the long-term drag on inventory turns. The PI business turns inventories much more quickly. We did have a slowdown across the board during this most recent struggles with the aerospace business and the pandemic and so forth.
But no, I think our turn should improve in the PI business. And I think there are secular reasons why the aerospace business should improve. So no, I think our turn should improve over the next couple of years.
Samir Patel: That makes sense. I mean another way of looking at it is the last time that your revenues were at comparable levels on a trailing basis. Your inventories were, I think, $35 million according to this data as opposed to $50 million now. So I mean I know you’re not wanting to put out a number, but it sounds like it could be quite meaningful over — and I guess what time frame do you expect that to be realized? I mean, is that kind of 24 months, is that 12 months, somewhere in between?
David Smith: Yes. I mean the business is bigger and we bought Astro Machine. So the inventories are going to have a little bit of a step-up. I think it’s going to take — during this year, we expect — I said in the comments, I think our cash flow generation and as we move through the year, the inventory levels are going to get better. I’m not committing to a specific number. And hopefully, we’ll be able to improve that into future years as well. But I — that’s speculative at this point.
Gregory Woods: Samir, so I could add a little bit of color to that, if you like. And I think we’ve said this in the past as well is that when we had these supply chain issues going back over a year now, where we found issues, especially on our supply part of our PI business, we definitely stocked up above our normal run rates. So that will start to bleed off, actually. It’s just orders for those suppliers are typically 6 to 8 months in the future. So some of that is actually going to bleed off this year and it will continue into next year.
Samir Patel: Okay. Perfect. And then one topic you haven’t talked about for a little while is I know you implemented the new ERP system. You were excited about some of the visibility that gave you, I think, when you were integrating Astro Machine. Maybe just talk about some of the benefits there and how you see that helping you run the business going forward.
