Sebastien Martel : Absolutely, the returns are much higher to do with the NCIB. And we plan on being active on the NCIB this year, as we have in the past years as well. It’s a much better return of capital to shareholders and being done.
Cameron Doerksen : Okay, makes sense. Thanks very much.
Sebastien Martel : Thank you.
Operator: Your next question comes from Brian Morrison from TD Securities. Please go ahead.
Brian Morrison : Thanks. Good morning. I want to follow up on Cameron’s question. With your financial guide and your reversal of working capital, that’s $1 billion of free cash flow. The last two years you’ve done an SIB. Now what’s the trigger point historically, to proceed with this form of return as opposed to NCIB?
Sebastien Martel : Well, obviously, we’ve been active in both in terms of NCIB, and SIB. The NCIB, there’s a certain maximum you can do within a 12 month period. The current NCIB, the maximum shares we can buyback is 3.5 million shares. So as we said, our expectation is for solid free cash flow. And we’ve always executed opportunities to be on the SIB. Obviously, today, our multiples are low when you compare to our historical averages. And so any option is on the table, but we plan on being active with buybacks this year.
Brian Morrison : Okay. Just as you’ve reiterated your ’25 targets, valuations probably flipped at 2025. Any granularity on the details there, it’s been changed here $7 billion in year round, and you’re $1 billion on marine, it looks like your EBITDA margins a bit higher than your high-60s earlier. Any granularity on changes within that guidance.
Sebastien Martel : No, no material change. Obviously, the plan is what we communicated about six months ago, in June and at the investor meeting. The good news as some of the momentum we were planning to have over the three year period up to 2025 happen more quickly, in side-by-side. So given us the confidence that we can achieve our ’25 target, with the more rapid than that than we saw in certain product lines. And obviously from a dealer value proposition point of view, dealers like doing business with us and they see that we’re bringing new business to them. And just if you look in the last few months, we’ve announced the switch that’s a brand new product line for them, we announced the Sea-Doo rise as well gets a lot of markets and dealer excitement. So everything is lining up from a product line dealer point of view for us to be able to deliver on our product .
Brian Morrison : And you increased your $500 million target on the switch?
Sebastien Martel : No, not for now.
Brian Morrison : Thanks very much.
Sebastien Martel : Thank you.
Operator: And your next question comes from Sabahat Khan from RBC Capital Markets. Please go ahead.
Sabahat Khan: Great, thanks. And good morning. Just a quick question, I guess on the marine progress. Obviously a big growth number you’re giving for next year, but it seems like called out some supply chain issue. Maybe you can share some color on what specific kind of parts or areas you’re having issues and maybe the cadence of this ballpark 50% growth that you’re wanting for this year?
Jose Boisjoli : Yeah, good morning. Obviously. I mean, I won’t go into detail because it’s between us and suppliers. But I won’t go into detail, but basically it’s a brand new platform. And we were quite innovative the way we designed the product to obviously reduce costs and give to the customers some features. And with one supplier particularly it’s more difficult than what obviously we had planned. And we are in the middle of resolving it then we believe that things will, will improve in H1.
