Joe Dziedzic: Hi. Good morning Felipe. Thank you for the question. We are – I will start with we remain very committed to our 2.5x to 3.5x debt leverage. We ended the third quarter at 3.1x with the expected cash flow generation in the fourth quarter, and InNeuroCo acquisition, which occurred in the fourth quarter, so that $42 million outflows in the fourth quarter. If you look at the midpoint of our EBITDA guidance and the midpoint of the debt levels guidance that we gave, you will see, at year end, we still expect to be at midpoint at 3.1x leverage. And so we feel like we have the capacity to spend $200 to $250 million a year on tuck-in acquisitions. We have a robust pipeline of tuck-in acquisitions that we are nurturing at any point in time.
We are very excited about InNeuroCo. We think they bring very differentiated design and development capability in the neurovascular market, which is a market that is we believe is transitioning to significantly more outsourcing, that has been the historical norm in that space. So, we think that’s a pocket of accelerated outsourcing. And we think adding InNeuroCo team and their tremendous engineering group that has tremendous experience at designing and developing finished devices, and then manufacturing them, we think that contributes to our pipeline of development programs very symbiotically. And we are expecting to double the size of that business in the next 3 years to 4 years based upon that pipeline that we think they can help us accelerate and execute.
So, we continue to look at it tuck-in acquisitions at 3.1 now and 3.1 at year end that gives us additional capacity. And maybe a simple way to think about it is if we grow EBITDA at the targeted growth rate of profit growing twice as fast as sales, that creates order magnitude $140 million to $150 million worth of debt capacity for acquisitions generating $100 million of free cash flow years, an $100 million that’s where you get the $200 million to $250 million of capacity every year and still maintaining the 2.5x to 3.5x debt leverage. So, we are excited about InNeuroCo and excited about the opportunities in front of us for additional tuck-ins. Thanks for the question, Felipe.
Felipe Lamar: That’s helpful. Just on PFA continues to be a hot topic, so I would just be curious if you can give us an update on where you are in developing those platforms and when you might expect meaningful revenue contribution? Thank you.
Joe Dziedzic: Okay, absolutely. We think we are incredibly well positioned in electrophysiology. We are highly vertically integrated today. We have significant experience in scaling complex EP products. We do everything from components to sub-assemblies to finish device manufacturing today. We think we are – what we do today is incredibly applicable to PFA and the new therapy that’s coming out. We are excited about the new therapy. We are working on a number of programs in the space. We are excited for the therapy to come to market. We think it will have a tremendous impact on patients both safety and potentially efficacy as well. We are well-positioned and believe that it has the strong potential to be a tailwind for us. Like anything in life, it all comes down to who gets to market first and who gets the most market share and what share of wallet we have with that particular customer. But we think we are incredibly well positioned for it to be a tailwind for us.
Operator: Phillip, do you have any further questions at this time? [Operator Instructions] There are no further questions at this time. I will turn the call back to Andrew Senn.
Andrew Senn: Thanks, Sara. Thank you everyone for joining the call today. As always, you can access the replay of this call on our website as well as the presentation that we just covered. Thank you for your interest in Integer and that concludes our call today.
Operator: Thank you for joining. This concludes today’s conference call. You may now disconnect your lines.
