Jaime Katz: Okay, that’s helpful. Thanks.
Operator: Thank you. Next question will be from Brian Morrison at TD Securities. Please go ahead.
Brian Morrison: Hello, good morning. Just very quickly. So when I look at the working capital unwind next year, I know we’ve spoken about this a bit, but it looks like it should be north of $500 million. And I just wonder if that would be correct. And then with the rising cost of debt, would you plan to allocate some of your free cash flow towards debt rather than the NCIB?
Sébastien Martel: Well, when you look at the overall number of days of working cap and what we’ve invested here year-to-date, I’ve said we’ve invested about $526 million. Obviously, this is a growing business. But from a number of days perspective, if you will compare it to, let’s say, fiscal year 2020, if you were to come back to the same number of days there it’s about a $500 million opportunity of reduction in working cap. When is that going to happen? As I said, some of it is going to happen in the back half of next year. How quickly do we come back to the previous levels we were? Obviously, we’ll be stretching our teams to make sure we optimize the working cap investments and run our plants efficiently. But yes, you’re right, ballpark, it’s a $500 million opportunity that we have.
Now how we use the cash next year? Obviously, it’s something that we look at continuously. We have discussions with the Board. Our leverage is relatively still low and the overall cost of financing, yes, rates are going up, but it’s relatively still accessible. We have interest rate caps, which are making the overall cost lower for us as well. But we do want to make sure that we optimize returns to shareholders. And obviously, these decisions are based on where the stock is trading and how much cash we have to deploy either through reduction of debt or through doing buybacks.
Brian Morrison: Okay. One housekeeping question. Just in terms of the pack high-margin business, it seems to have realized growth in Q4 and what is driving that? It looks like it’s going to be a very record quarter in the fourth quarter. I’m just not sure what is the key contributor there.
José Boisjoli: Well, the Snowmobile business is always a big parts business and obviously we’re shipping a lot of units in the fourth quarter, both from an ORV point of view, from a personal watercraft point of view as well. And so there are some deliveries to the dealers as well for upcoming season products and getting ready for the season as well. So there’s a bunch of factors that are helping with the strong growth impact.
Brian Morrison: Thank you.
Operator: Thank you. There are no more questions. I would like to turn the call to Mr. Deschênes to close the meeting.
Philippe Deschênes: Super. Thanks, everyone, for joining us today and for your interest in BRP. We look forward to speaking with you again for our Q4 earnings call in March. Thanks again everyone, and have a good day.
Operator: Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again thank you for attending and at this time we ask that you please disconnect your lines.
