So really there is – we compete in the market, but we also sell to each other and we don’t see that necessarily changing. What is changing is just the execution of our long term strategy to have the capabilities in-house to give our customers best in class solutions with our internal products. And that’s what we’re in technologies, that’s what we’re doing.
Daniela Costa: Thank you.
Operator: Your next question comes from the line of Kristen Owen from Oppenheimer. Please go ahead.
Kristen Owen: Hi, good morning. Thank you for taking the question. I wanted to come back to the conversation around pricing and Scott, I think in the prepared remarks you mentioned, price is about 3% in the quarter flat for 4Q. If we were to abstract from that, what’s happening in Brazil, Latin America writ large? How is the book pricing trending and how much of those incentives are really in that Latin American region?
Oddone Incisa: No, I would say incentives are across the Board and not focused on the Latin American region frankly. And those – the large good part of those are financial incentives. So retail financing, support, and also the cost of holding floor plan inventory when we deliver to our dealers. But that’s mainly – that’s I will say it across the board, is our global effort to sustain retail sales in the fourth quarter. And support the dealers getting there.
Kristen Owen: Okay. Thank you. So then my follow up question relates to the Milan share delisting and the announcement this morning for the $1 billion buyback, all of which will be executed, or the majority of which you’ve said will be executed by March 1st. Just wondering if you can talk to the appetite for further buybacks beyond that. I mean, you’ve discussed this 70% conversion rate and free cash flow, is still generating a lot of cash and given the headwind or – excuse me, tailwinds to margin next year, just how to think about the buyback opportunity once this transaction closes? Thank you so much.
Scott Wine: Yes. I have to almost laugh when you – we just announced a $1 billion buyback and you’re already asking for the next one. Sounds like a hedge fund question, but no, the reality is we have a lot of places to deploy capital. There are times, and I think now is right, one of them, we’re trading below intrinsic value and there’s a large flowback expected with the delisting that we want to lean in and we think it’s the right time. And the Board was very supportive of that. As it goes out over time. I think it is just part of our capital allocation strategy. We’re committed to keeping our ratings intact. We’re improving them, we’re committed to providing all of the R&D funding that we can, we’ll can buy. If we have acquisitions that can improve the customer experience or help us grow profitably faster, we’ll do that and sometimes we’ll lean in more with share buybacks.
And if you look over history, I would expect with a single listing in the New York Stock Exchange, we’ll probably buy more than we have historically done. But I don’t think you should look at the $1 billion and think there’s going to be another $1 billion coming right after that. We’re going to be – it’s just part of our capital allocation strategy. And right now it’s a rather important one.
Kristen Owen: Thank you for the time.
Operator: There are no further questions. And this concludes the conference call. Thanks for joining today. You may now disconnect your lines.
