Ruplu Bhattacharya : Okay. Can I ask a follow-up on the Print segment? As people are going back to work, how do you see the relative growth rate of your home subscription business in spending versus the commercial Managed Print Services business are either one — is one more profitable than the other? And then just as you look at print margins throughout the year, you guided for the full year to remain at the high end of the range. But should we think that the first half going to second half, your Print margins normalize somewhat towards within that range. So can you just give us your thoughts on the relative margins of those two subscription businesses? And how do you see the growth rates for them as well as the margin progression this year?
Enrique Lores : Sure. From a margin perspective, similar to what happens on the transactional side, the home, Instant Ink program is more profitable than the Managed Print Service program. That’s driven by the fact that we own almost all the technology stack. From a growth perspective, though, they are not related. We have a lot of opportunity to grow the consumer subscription business and to grow as well the Managed Print Service business, especially as we start seeing some slow but some recovery on the office side.
Marie Myers : And just on the margins, as I said in our prepared remarks, we do expect to be at the high end of the range. But in terms of just how to think about it half-on-half, just in the first half, we do expect a little more softness in Consumer due to some of the favorable pricing. So we’ll see that probably in the first half, some normalization.
Operator: Your final question today comes from the line of Krish Sankar with Cowen & Company.
Krish Sankar : I have two of them. First one, either for Marie or Enrique, on your cost reduction plan. With the portfolio optimization, how should we think about the TAM opportunity for HP in FY ’25, given that I understand you want to do profitable growth. But do you think with the portfolio optimization and the headcount reduction, you’re prioritizing one over the other? And then I have a follow-up.
Enrique Lores : Yes. So our portfolio optimization have many different elements. Let me highlight a couple of them. First, we are going to maintain, and in some cases, increase our investment in the growth businesses. As I said before, we expect to get double-digit growth in 2023. And going forward, they will continue to become a more relevant part of the company. On the other side, we also know we have opportunities to optimize some of the businesses in the core side. For example, during 2021 and ’22 because of the component shortages, we have to duplicate many SKUs. We had to duplicate investments in boards, in many different parts to compensate for component shortages. This is clearly now an opportunity to simplify, to rationalize and to reduce investment and cost in the cost side. And there are many other things, but these are two good examples of the things you will see us doing.
Krish Sankar : Got it. Got it. Super helpful, Enrique. And then a quick follow-up, actually, a two-part follow-up. On the 10% PC units down, is that for FY ’23 or is it for calendar ’23? And can you just help us understand what your calendar ’22 baseline is? And then the second part of the question is, I think, Marie, you mentioned how second half of FY ’23 should get better as inventory digest for PCs. I’m just kind of curious, is that really a function of inventory digestion and you expect demand to improve? Or is that — because it seems like most companies expect a second half 2023 recovery, but with an uncertain demand environment, what is the confident level on that improvement?
