Greg Palm: But is there €“ I guess what I am getting at, is there a level of revenue €“ quarterly revenue that after you have reached the full run rate of the cost cuts, that you feel comfortable breaking even at?
Jason Cole: Yes. Well, maybe €“ I don’t think €“ we are not really prepared to kind of give it by quarter, but I think you can see from precut, right. We just announced a big tranche. But you can see the improvement €“ let’s get it out there. I think if we get to $60 million, that’s a pretty critical level, right. Sub-$60 million a quarter, it would be pretty tough for us to probably deliver that, but I still think it’s possible. But if you need a number, I would say model it over $60 million a quarter, and we will be doing it.
Greg Palm: Perfect. Yes. Got it. Okay. We will leave it there. Thanks.
Operator: Our next question comes from the line of Noelle Dilts with Stifel. Please proceed with your question.
Noelle Dilts: Hi. Thanks. This is sort of tied to the last line of questioning. But Jason, I was hoping you could expand a little bit on how you are thinking about cash management. As you look into 2023, how do we think about cash burn through the year? And maybe you could touch on how you are thinking about R&D and how you are choosing what to invest in, in your priorities? Thanks.
Jason Cole: Yes. Thanks Noelle. I appreciate the question. So directionally, cash burn and adjusted EBITDA will trend together, but they are not a perfect proxy for another, and we don’t give guidance on cash, but I can still speak about it directionally. And what I think you should expect to see, consistent with the comments on EBITDA just in the opening remarks and the answers to some of these questions, is that you are going to see cash burn dramatically reduced in the second half of this year. We have €“ I think we are not concerned about €“ we are concerned to manage cash very, very carefully, but we are not concerned with the current environment of running out of cash. We think that’s because we took dramatic action. We did it swiftly, and we are getting these results really, really quickly in the first part of the year. So, you are going to see cash burn drop dramatically in 3Q, and we expect it to be even more dramatic in 4Q.
Noelle Dilts: Okay. Great. And then just a housekeeping question. On the 86% growth that you all highlighted for 2022, could you give us kind of a sense of the organic growth number and how we should think about how organic growth is trending?
Ric Fulop: Yes. We still feel like the business is growing at a very healthy pace organically. In Q4 of last year, if you remember, we had a large account with Shapeways. If you take that out, it’s still like north of €“ and that was a one-time thing €“ sorry, it’s north of 30%. So, I €“ this is in the backdrop of all the people in this industry that are shrinking that are more focused on prototyping or tooling or there are legacy companies that need a total portfolio refresh. We are in our portfolio number share and dominant in technologies that benefit from Moore’s Law that have benefiting or having a significant percentage of their usage for mass production, which is a faster-growing segment than other areas of the industry.
So, we are very well positioned for continued growth and with very innovative technology. If you look at our spend in R&D versus our competitors, we spend more as a percentage of revenue in R&D than most of the other companies in our market. So, we €“ despite these cuts, we have a very healthy innovation pipeline. And we have modulated things between Horizon 1, Horizon 2, Horizon 3, which we talked about last quarter. I feel very good about our ability to continue to grow organically faster than the market and our competitors.
