We said total year about $60 million in gaming. The balance is going to fade out over the next two to three years with the final structural cost increase piece of about $20 million. We expect that structural increase of $20 million remaining to be offset by our pricing actions that we announced mid of the year and are now effected in the market as we speak. So all-in-all I think it’s a strong reaction from the operating team on the supply chain. And then the continued progression on our top line has been elaborated during his prepared remarks and in the subsequent Q&A that we are having. Thank you, Ben.
Benjamin Chaiken: Thank you very much.
Operator: Our next question comes from the line of David Katz from Jefferies. Please proceed.
David Katz: Hi. Good morning, everyone. Congrats on your quarter. I wanted to just talk Max, a little bit longer term about kind of the cash flow dynamics, given the lower leverage, improved profitability. But at some point in the future, Italian contracts that start to come up for renewal and there’s always been some need to keep powder dry to support those efforts. Can you just kind of walk us out a few years as to sort of how you’re thinking about cash use?
Max Chiara: So effectively, from a pure if you want net leverage and the results standpoint, if you want me to summarize it is a race against time, right? We need to continue to generate incremental cash so that once that time comes and we have to front that payment, we will not be negatively impacted on our leverage trajectory going forward. That in a nutshell is what is embedded with our plan. The other important aspect is the balanced capital allocation view. Meaning that, over the five years we have to adhere to our three major pillars: invest in the business to continue to steer profitable growth, de-lever our balance sheet to create a more solid and more resilient structure. And last but not least, remunerate our shareholders accordingly.
So on that regard, we have initiated our $300 million buyback program very aggressively. We have already achieved more than 50% over the first 1.5 years. We still have three years to go. So I think we are in a very well position right now to manage our cash commitments accordingly with some degree of flexibility. I hope that clarifies.
David Katz: Yeah. So if I may just follow-up with respect to just a target leverage range. I mean, should we expect that you have your longer-term sites on more like a 2.5 times level, or do you expect to sit right around that, three level? Where would you aspire to be?
Max Chiara: Yes. So you’re right. Our plan technically embeds a low-end of the range achievement of 2.5. We kept our outlook much larger in order to protect for the unknown, because we still want to be within the range in any circumstance during the period. But again, if our plan continues to work in line with expectations we should be able to get to the low-end of the 2.5, by when we get to 2025. And ultimately, what we are targeting is to be in a category of ratios — financial ratios that respect an investment-grade metric. I can’t speak for the rating agency, but what I can control is the metric itself. And that’s what we want to aspire to.
David Katz: Understood. Thanks a lot.
Max Chiara: If you’re not there already with some of them. Thank you David.
Operator: Our next question comes from the line of Domenico Ghilotti from Equita. Please proceed.
