Lorenzo Simonelli: So, Scott, as you saw also in 2023, we actually had bookable orders that were on projects that we had in FID. We wouldn’t obviously put that in any guidance, and we think that the 65 MTPA FIDs will happen this year. But as you look at any slowdown in the U.S., there is clearly projects internationally that can take the opportunity and offset what was anticipated from U.S. LNG over time. Again, it’s not something that we factored into the guidance, but again, it’s something that could happen and we will continue to monitor the situation. I think the benefit for us is that we play globally. We play with a total gamut of solutions around LNG and so when it comes to small modular onshore, offshore stick or floating, you come to us. And again, there is international opportunities.
Scott Gruber: I appreciate the color. Still a lot of coal to displays out there. Shifting to the service opportunity for non-LNG equipment, over the next 5 years, could you provide some color on the rough growth rate in your installed base of non-LNG equipment just so we can get a sense of the associated growth and the service opportunity?
Lorenzo Simonelli: So, we haven’t given a specific percentage, but your characterization is correct that there is a large opportunity. As you look at onshore and offshore from the FPSO perspective than the gas pipelines, but then you also go to the transactional business, and when you think of industrial segments, fertilizers, petrochemical, refineries, all of this goes to the transactional side of services. And we mentioned one of the paths to the 20% EBITDA for IET is also the new service solutions and the digital offerings. There is a tremendous amount of opportunity as we continue to expand across the balance of plant as we look to our Cordant solutions being implemented, and we are already seeing some success in the marketplace with non-traditional customers, and that’s really a growth opportunity as we go forward. And it just is a further demonstration of the diversity and versatility of the IET portfolio.
Scott Gruber: Okay. Thank you.
Lorenzo Simonelli: Thanks Scott.
Operator: Thank you. [Operator Instructions] Our next question comes from Marc Bianchi with TD Cowen. You may proceed.
Marc Bianchi: Hey. Thanks. I was curious if you could talk a little bit more about the LNG award expectation that’s embedded in the IET order guidance, so you did $5.6 billion of LNG equipment award in 2023? What’s the assumption for ‘24? And is that what’s contributing to the wide range of IET order guidance?
Lorenzo Simonelli: Yes. Again, Marc, going to also what I mentioned before relative to LNG, we see that in 2024, there should be 65 MTPA of awards, and within our guidance, obviously, we have taken account for what we have booked in the past and what we anticipate to book this year. And we wouldn’t go and actually start putting in orders that we haven’t seen FID-ed yet. So, that’s from a guidance perspective, we are banking on the projects being FID this year and coming through. And then if there is an opportunity, it’s that there is an acceleration, as was discussed earlier with Scott relative to other projects that come into our order book but haven’t FID-ed yet. So, feel confident with the range that we have given and again, there is the growth outside of LNG that is significant as well.
And I just maybe mention again, if you look at what we have laid out, this would be close to the second year record that has already been here for that business. So, feeling good about the momentum continuing as we go forward.
Marc Bianchi: Okay. Maybe one for Nancy. On the tax rate, you are guiding to a nice improvement here in ‘24, but it’s still above where peers are. Where do you think you can get that tax rate to and over what timeframe?
Nancy Buese: Yes, it’s a great question. It’s something we are working hard on. There is a lot of history and baggage associated with tax rate given the formation of the company and in all of that. But we are working, I would say, moving ourselves into somewhere in the low-20% over time, can’t give you exact specifics on how we get there. But I would say there is a lot of important work being done in the next year or 2 years to really focus on that rate. It’s very important to move the needle from an earnings perspective. So, we are doing all the things to understand our attributes and really think about structuring as we move forward. We are a lot of complex structures over the course of the globe with some of our contracts and our customer base. But I can tell you this is something I am personally very invested in and we are working hard to bring that rate down over the coming years.
Marc Bianchi: Great. Thanks so much. I will turn it back.
Lorenzo Simonelli: Thanks. And look, we are coming to time here. So, I just want to thank everyone for joining the call. And as we mentioned, very much looking forward to 2024, continuing the momentum of change within Baker Hughes and continuing to execute for our customers and also for the employee base and meeting what we have laid out from a guidance perspective. So, thank you very much everybody.
Operator: Thank you. Thank you for your participation. You may now disconnect.
