A.J. Sharma: Yes. I will have Tony give you some color on the types of investments we are making and why we are making these investments. But quantifying it for you, I would say the amount of CapEx that’s exceeding depreciation, that’s the amount of CapEx that’s truly tied to the factory modernization that is well underway in our two largest factories in and Monroe. So, as we are looking at 2023, we expect to spend about $10 million of CapEx in excess of depreciation. We have the option to throttle it down if we feel that that would be appropriate. But that’s to give you a sense of the magnitude. And once we get past 2023, the pace of CapEx investments will moderate in a very meaningful way. So, I expect 2024 onwards, CapEx equating depreciation again for the company.
Tony Najjar: Yes. The additional investments, Nathan, beyond CapEx was really a new product development. We see opportunities in very specific areas and industrial and A&D and then we are making investments. Some of it is customer funded, but not all of it. So, there is investments that we are continuing to make where we see good business cases for new products.
Nathan Jones: Is there a number you can give us on what that investment is incremental that’s being paid for by CIRCOR?
Tony Najjar: It’s about $4 million or so.
Nathan Jones: Great. Thank you very much for that and I will pass it on.
Tony Najjar: Thanks Nathan.
Operator: Our next question comes from the line of Brett Kearney with Gabelli. Please proceed with your question.
Brett Kearney: Hi guys. Good morning. Thanks for taking my question.
Tony Najjar: Good morning Brett.
Brett Kearney: Had the nice order from the downstream valves business in the quarter and it sounds like although you are not baking much into the expectation this year, there is a number of opportunities out there across a few different geographic regions. I guess on the downstream valves portion of the industrial business, can you just talk about overall kind of the project funnel, the tone of activity you are hearing from customers? And then what €“ obviously, we have seen the very strong margin performance in industrial as a whole, what margin expectations you have both on the order you booked in the quarter and kind of maybe on what some of those projects out on the horizon are shaping up as?
Tony Najjar: So, in downstream, in total, we are tracking about $100 million of various opportunities, both capital and then turnarounds, which is basically refits that we could book in the next 12 months or so. So, we haven’t factored all of that into our forecast, obviously, because there is always timing risk that we could see, but that’s kind of the funnel. It’s heavy North America, and then there is good activities in Latin America and India, where we have seen some good recent successes. As far as the margin, industrial margins, the big lift, as we mentioned, came from pricing, being a significant factor. There was also some leverage of the volume and then overall cost simplifications or cost-out actions.
Brett Kearney: Okay. Thanks so much Tony.
Operator: Thank you. There are no further questions at this time. This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.
