Bertrand Loy: So it’s true. I mean, again, this year was a difficult year for memory at low levels — capacity utilization reduction, but also decommissioning of some older fabs. So all of that had some devastating impact on this particular part of our business. Now it’s true that some customers are thinking about skipping a node. So all of that is something that we will be discussing with them over the next several months and quarters. And we’ve seen that in the past. So the question will be, do they have enough confidence and conviction to do that? And when do they plan to execute on it. Of course, our role as a supplier will be to be ready for them if they choose to accelerate the introduction of a new node and as you pointed, the more layers on a 3D NAND chip, the better it is for Entegris. So we, for sure, will be very focused on giving them the comfort they need to potentially skip those. And it’s too early for us to really talk about it.
Operator: Our next question from Bhavesh Lodaya with BMO Capital Markets.
Bhavesh Lodaya: You mentioned like-for-like sales expected to be down 2% sequentially in 4Q. As we think about EBITDA or EBITDA margin specifically, you have some additional noise from the Taiwan facility ramp-up or the inventory reduction actions we have been taking. If we exclude those moving pieces, can you share some thoughts on how your underlying margins are performing maybe around price versus cost, how they are trending up, down, flat? Any color there?
Linda LaGorga: Well, let me just talk about it this way, and hopefully, this addresses your question. As I think about our Q4 EBITDA margins and stepback, we talked about gross margin being accretive from the divestitures with some of the other pressures on the gross margin from inventory reduction and all the transitional period we’re going through as a company. But as I think about getting down to EBITDA, as the CFO, I’m always looking at how we balance cost and investments. In this quarter, we just completed the divestitures, you see the transition of the distribution agreements well on its way. The divestitures are lower OpEx businesses. Going forward, we’re always going to be looking at our cost structure. We’re going to make the critical investments that we need to make in R&D and regarding SG&A, we’re going to make sure we have the right level of SG&A to balance the ongoing and what we need for the ongoing support of the business.
So what I would think about where we are now in this transition area — most importantly, as we think about this cost structure and we think about it over the long term, we still remain incredibly committed to deliver the 40% EBITDA flow through. So this is just a transitionary year with gives and takes.
Bhavesh Lodaya: Understood. And maybe the next one. Can you give us an update on the Colorado Springs project? Has there been any change in the investment size or start of timing there given some of the dealers in the industry. Is it still $600 million early 2025? And then I believe you had mentioned the IRR for the Taiwan project to be in the mid-20s with the Chips Act funding, does the Colorado Springs get close to that? .
Bertrand Loy: So let me answer the question on Colorado Springs. So you’re right that the total investment over the next several years will be approximately $600 million, right? Now the first phase that we have initiated is going to 100,000 be square foot facility, it’s going to be about $250 million. And that’s really the — the basis upon which we are seeking funding under the U.S. Chips Act. We continue to expect that the production for that first phase will be early 2025. And we expect the returns to be attractive, but we need help from the U.S. million in order to get returns similar to what we were able to commit to in our Taiwanese investment. And that’s the basis for a discussion for the U.S. administration.
