Vimal Kapur: Steve, you’re right, SPS is coming out of the bullwhip effect of COVID and clearly that reflects in our Q3 numbers. But as we mentioned in our earlier conversation, the SPS orders in Q3, we had a book-to-bill of 1 and we see similar trends continuing in Q4, which means we are in a recovery cycle in this business moving forward, starting Q4, and we’ll see that in 2024. Margin expansion will certainly help there, because the volumes growth will help in margin expansion. We have re-baselined our cost base, aligned to the new revenue scale. So overall, we should see recovery from this point onwards.
Steve Tusa: Okay. So that’s a growth business with some nice leverage next year is what you’re saying?
Greg Lewis: I think, Steve, overall top-line growth could be flattish next year, but as Vimal said, with particularly — as the short-cycle accelerates, there’s a lot of leverage in those short-cycle businesses, in particular. So, we absolutely will do that, expect to see that come through. And again, on the Intelligrated side, with the aftermarket growing far greater than the project business, we should see some nice mix in that business as well. So, the timing of that acceleration, as we’ve said, overall, still is something that we’re waiting to see happen, but we’ve flattened out, bottomed out the orders rate, so it should be coming any time now. And when it does, a lot of leverage comes along with it.
Operator: Thank you. Our next question comes from Scott Davis of Melius Research.
Scott Davis: Hey, good morning, guys, Vimal, Greg and Sean.
Greg Lewis: Good morning, Scott.
Vimal Kapur: Good morning, Scott.
Scott Davis: Hey, the world is kind of changing and volatile. China seems like it’s taken another step down. But can you guys walk us around the world and what you’re seeing from a geographic mixed perspective and just a little bit of color on how things maybe change through the quarter or into 4Q from that front as well? That’ll be my question. I’ll pass it on after that. Thanks.
Vimal Kapur: Okay, thanks, Scott. I would say you’re absolutely right, Scott, there is a lot of variation how things are working in the world at this point. Let me start with China. We are going to have high-single-digit growth in China this year. It’s primarily supported by growth in Aero, but also in some other businesses, too. We see China to be a similar trend, mid-single digit to high-single digit in 2024. We have enough backlog and strength in Aero to support that. In other parts of the world, I would say, we see a lot of strength in Asia, in particular, India and ASEAN countries. And Middle East also, given our strong position in energy, positions us pretty well. And then, Europe and U.S., probably, we all see the impact of high interest rate and challenging environment.
So, probably we are experiencing the same here. So, it’s the good balance of positive and negative. But one thing I’d like to add there is, as we see our backlog, which grew by 8%, we also see good orders position forecasted for quarter four, it’s going to position us pretty well for 2024 ahead in spite of the challenging condition, because we do expect our long-cycle businesses are going to help to drive in our — the forecasted range of revenue growth for 2024.
Scott Davis: Thank you, guys.
Operator: Thank you. Our next question comes from the line of Nigel Coe of Wolfe Research. Nigel Coe, your line is open. Please proceed.
