Praneeth Satish: Great. Thank you.
Operator: The next question comes from Sophie Karp of KeyBanc. Please go ahead.
Sophie Karp: Hi, thank you for taking my question. A lot of my questions have been answered, maybe just one last one, if I may. So you doubling your capacity and presumably, the U.S. market will be going forward served by the manufacturing capacity in the U.S., right? So is there any risk that these capacity additions in the U.S. cannibalize some of your existing lines outside of the U.S. that current be important here? Or is the international growth that you’re expecting so strong that basically your international capacity will just serve outside of the U.S. demand? Thank you.
Badri Kothandaraman: Yes. I mean, once again, we are €“ I clarified this actually before. We are very disciplined. We will not €“ we are working with the same contract manufacturers. So we can see the business in totality with the €“ we are not going to basically shortchange them on their locations elsewhere. So it has to be carefully done and we have orchestrated the right plans. Fortunately, for us, our business is healthy, ramping up in Europe, Europe, for example, as well as U.S. quite strong usually. And it takes us anyway, four to six quarters to ramp such lines. So what we will do is a careful allocation process to make sure that all of the factories are correctly loaded. That’s what we will do.
Sophie Karp: Thank you.
Operator: The next question comes from Corinne Blanchard of Deutsche Bank. Please go ahead.
Corinne Blanchard: Hey. Thank you for taking my question. I just wanted to go back on the 1Q guidance and the range from $700 million to $740 million. How much of the softness have you embedded and incorporated into the 1Q guidance? And then I know you commented a little bit, but maybe if you can give even more color on what to expect in California in February and March? Thank you.
Badri Kothandaraman: Can you please repeat that one, we were not able to hear it properly.
Corinne Blanchard: Sure. I just wanted to get more color on the 1Q guidance in terms of how much of the softness you have incorporated into the guidance and then your view for California market for February and March?
Badri Kothandaraman: Yes. I mean we gave you 700 to 740 number. We told you clearly Europe, it’s growing quite well. We expect it to grow healthily in Q1 compared to Q4. And we also told you that the U.S. business will be slightly down as compared to Q4. So, that’s the color we gave you. As for February and March, I mean I don’t have a crystal ball, but like what I told you, it seems like the originations are starting to improve. So, we are optimistic things will get better.
Corinne Blanchard: Alright. Thank you. That’s it for me.
Badri Kothandaraman: Thank you.
Operator: The next question comes from Pavel Molchanov of Raymond James. Please go ahead.
Pavel Molchanov: Thanks for the question. Two quick ones about Europe. Now that the European Union is talking about this net zero industrial plan, do you envision receiving any credits or other manufacturing subsidies for your operations in Romania?
Raghu Belur: No, we have not heard about that or any €“ I mean about receiving any additional subsidies for our plant in Romania. However, there is active discussion going on in Europe about something analogous to the IRA that’s being done here. That we are tracking pretty closely. And if that happens, and there are some benefits for us. We will obviously avail of it. But other than that, we are not hearing of anything else.
