Revathi Advaithi: I have nothing to add. I think that’s well said.
Operator: Thank you. The last question comes from George Wang with Barclays. Please state your question.
George Wang: Well, hey, guys, congrats on the quarter. Just I have two quick ones. So, firstly, just looking at the guidance for the free cash flow, 4Q seems very strong, especially, so they more than doubled sequentially from a Core Flex standpoint. Maybe you can kind of double-click some puts and takes on the driver obviously, aside from some factors you mentioned and some core inventory and some working capital advances reductions. Just curious kind of additional leverage you guys have as we look out to FY 2025.
Paul Lundstrom: Sure, George. No problem. So one thing I’ll just point out is we do tend to be a little seasonal on cash flow. Our fiscal year end is March. You have a lot of our customers’ fiscal year end is December, and so there can be a little bit of timing between our Q3 and customers’ Q4. And so Q3 tends to be a little on the light side. Q4 for us tends to be much better as some customers sort of hold checks as they get to their year-end. So seasonally we tend to be a little bit better. That’s part of it. We’re definitely making some nice progress now on inventory. As I had kind of mentioned to Steven, working capital advances and inventory will broad brush, I would say, will come down sort of simultaneously. But that should continue to be a tailwind for us as we unwind some of that inventory from that chip shortage we dealt with over the last couple of years.
My only other comment I would say — this is a typical CFO comment. I really don’t like giving quarterly guidance and please don’t expect that going forward. The reason we were so sort of clear and prescriptive here on Q4 was I think it’s important for people to understand how things look post Nextracker separation. And so that $300 million to $400 million of free cash flow we’re expecting in Q4, typically I wouldn’t make that sort of guide. And plus or minus that, but generally speaking, we feel pretty good about where we are now for the year.
George Wang: Got it. Just a quick follow-up, just kind of trying to hone in on the AI kind of power in hyperscale so exposure there. Just — are you able to quantify the revenue contribution for this particular segment? So enjoying kind of over 20% growth, kind of what’s the mix roughly versus total Flex revenue? And do you guys sort of incorporate some of the share gains as well aside from — so they obviously, a growing pie for the AI industry in the large? It’s now like some share gain as well maybe you guys have taken versus other OEMs out there given such a double-digit strong growth rate. Maybe you can give additional color on those.
Revathi Advaithi: Yeah. George, we’ll talk a little bit more about this in our Investor Day. But we haven’t shared. I mean, you know, in our markets because we bought that business and so that revenue is known, but it’s grown dramatically since we bought it. We haven’t shared our embedded power business and those numbers publicly in our value-added services numbers that go into hyperscale. So those haven’t been shared so I would say, if I look at kind of AI growth and overall growth for us in hyperscale across these capabilities, all of those are fairly strong. Yeah. We’ve definitely clearly took share I would say in the CEC segment. In the embedded power segment, we don’t really have major competitors who have our capability — our product capability and I would say — so we feel very comfortable with the fact that we’re taking share in the right way and not really from ODMs because we don’t like to compete with ODM margin so I would say more in terms of being able to sell our overall value so the margin accretion also is in line with what we would be looking for.
So more to come on that I’d say, here in a few months, but we’ll definitely focus on kind of AI and data center growth as it relates to us. But we feel really good about the growth associated with that for us.
George Wang: Okay. Sounds good. Thanks a lot.
Revathi Advaithi: Okay. I think that was the last question. So thank you. We look forward to speaking with you again when we hold our investor event in conjunction with our fiscal Q4 earnings call. I would like to on behalf of my leadership team want to say thank you to all our customers and our shareholders for their support, and of course the Flex team across the globe for their dedication and contributions. Thank you.
Operator: Thank you. This concludes today’s conference call. Thank you for joining. You may now disconnect.
