You look at the year-end cash, the guide takes us $1.2 billion to $1.5 billion, that implies about $1 billion of cash. What we’re going to see is we’re going to have our U.S. cash balance come down more than our international cash balance. So what a revolver does is it gives us flexibility in terms of being able to manage jurisdictional mix of cash. In terms of timing, we’re not in a rush to do this. We’ve got plenty of liquidity in the U.S. today. So it’s something we’re looking at right now, but not something we’re rushing into. In terms of other capital, as we mentioned on the call, if you look at our current forecast spend profile, our current forecast, manufacturing expansion and R&D profile, we can finance everything that we have in front of us without the need to go out and raise additional capital.
That said, if we were to add incremental capacity, something that we continue to look at, or if we were to find other opportunities in the R&D space, we may need to raise capital at that point. So something we’re continuing to look at. And as Mark mentioned in his prepared remarks, we intend to hold an Analyst Day later this year. We’ll give a more update there around our liquidity and capital plans.
Operator: And now we will go to Joseph Osha of Guggenheim.
Joseph Osha: Hi, thanks. Further to the conversation we’re just having, if you think about the manufacturing credit and the fact that it looks to me, based on your cash guide, like you’re going to book a lot of it this year, but probably not monetize it until next year, I’m curious, on a go-forward basis, could we see that work a little better because this enforces the first year, so you’re booking it but not actually receiving. And I’m also curious, Alex, if you thought about any ways to making the future monetize that credit more frequently, say, on a quarterly basis or something like that? Thank you.
Alex Bradley: Yes. As it stands right now, you’re going to see it reflected in the P&L on a quarterly basis. But what’s going to happen is at the end of the year, we’ll go through our regular cadence tax filing, which today is typically occurs somewhere around six to nine months after the end of the year. That will then go over to treasury to the IRS, and there’ll be some time, after which, they will review that and then process a direct paid cash payment. So we expect that to be most likely slower in the first year. As this program gets underway, there’s some chance that it may speed up a little bit. But it’s not going to be a case where you’re going to see cash coming in, in the same year as you’re recognizing value from the credit in the P&L.
So it’s one of the reasons why if you look at our cash balance today, you’re right, there’s no cash reflection from the IRA credit in 2023. We expect that will come through in 2024 and potentially even up into 2025. As I said, the first year might take a bit of time. We may see some increase in speed thereafter.
Operator: And with that, everyone that does conclude today’s question-and-answer session and today’s call. We’d like to thank everyone for your participation, and you may now disconnect.
