Ruplu Bhattacharya: Right. Thanks for the details there, Revathi. For my follow-up, I want to ask you another broad-picture question. So now that Flex is Core Flex ex Nextracker, where do you think your investments will be more, which end-market or which segment? And as you look out beyond this near-term weakness in the end markets, what do you think will drive growth for Flex? I mean which end market or which sector, and where would you want to invest your CapEx? And I know, for example, you’ve got a big cloud customer you talked about but — I mean, any areas? Is it reliability that you want to invest in? Is it the Agility or both? Any thoughts there?
Revathi Advaithi: Yes, Ruplu, thanks for that question. We’re going to talk a lot more about this in our Investor Day, but just giving you a preview of that would be. We’ll continue to invest significantly, both in commercial and in capacity growth for power related to cloud, and that’s going to be a considerable part of our growth. I would say cloud itself within our CEC segment so that is focused on kind of AI and hyperscale growth will be continued investment for us. So this theme is kind of in line with what we talked about last Investor Day, and that has proven to be a very good commitment of our resources, and that’ll continue to be a major macro growth driver for us. I would say the second would be, you have — we’ll talk more about this in a few months, but value-added services, which is the combination of recycling waste management but also things like additional component services or more vertical integration across our end-to-end wallet share of our customers is a significant part of our growth strategy, and that has proven to be — has had good tailwind over the last few years and we expect that to be a continued growth focus for us and we’ll discuss that more.
And then of course everything around electrification will be — I mean, we continue to increase our wallet share in the automotive market and that’ll be a growth area also. So if I look at the macros, those are very much in line with areas that I think are good growth drivers, not just for Flex, but you’ll see that reflected in the industry itself. So those will be our focus areas.
Ruplu Bhattacharya: Okay. Thanks for all the details. Appreciate it.
Operator: Thank you. [Operator Instructions] Our next question comes from Steven Fox with Fox Advisors. Please go ahead.
Steven Fox: Hi. Good afternoon. A couple of questions from me. First of all, on the cash flows looking ahead. Now that we’re looking at Core Flex business into next fiscal year, can you give us a sense for how we sort of some rule of thumb on working capital, especially as you finish up the year, it sounds like working down some inventory. And then I have a follow-up.
Paul Lundstrom: Yeah. I think the good news on this Steven is we do continue to see progress on inventory. And I don’t want to guide on FY2025 yet. We’re still kind of working through that process, but I certainly like the momentum and how things have sort of loosened up a little bit. My only hedge on that would be we supported the inventory growth with working capital advances from customers, and those will kind of unwind together. Maybe not exactly the same time but those kind of come down generally simultaneously. But yeah, I mean expect more good things to come when it comes to cash because I do see a working capital unwind here as we look forward over the next couple of years.
Steven Fox: Okay. And then just — I mean, there’s been a lot of interesting comments on the served markets. Just stepping back for a second, I noticed sort of justified reason for not getting too specific on fiscal 2025, but it also sounds like you haven’t seen any other leg down. So can you just sort of express to us like what your biggest concerns are as you head into the new fiscal year that are out of your control? Thanks very much.
Revathi Advaithi: Yeah. Paul, do you want to start?
Paul Lundstrom: I would say — I mean, Revathi and I probably — we worry about lots of things, but — and maybe they’re slightly different but mine would be — I worry a little bit about the end markets. I think the operations are well managed and I think we’ve demonstrated that we can grow earnings despite end-market contractions. And I think we have enough levers to pull that I think you can see great operating performance despite a tough year here in FY 2024. But revenue is one of those things that until the stops going down, it’s not going up. And so I do worry a little bit about things like telecommunication infrastructure, enterprise IT spending, you know, what’s going to happen with medical equipment, which would be more of the CapEx and medical centers?
But boy, there’s a lot of tailwinds right now and cloud seems to be going quite well. I think automotive has held up well despite interest rates. I think there’s parts of the industrial business that it’s getting maybe bad press globally right now, but man, we have some great opportunities and I continue to be pretty bullish on. The supply chain continuity argument is such a tailwind for the macro in EMS and especially for Flex. I think that’s going to be a good guide for us over the next several years. So there is some specific end-market challenges that I’m a little bit anxious about, but I think the — overall the macro is pretty good for companies in our industry and we just need to execute.
