Obviously you cannot take all risk away. We have been doing this, but I think this is a little bit more deliberate and more proactive when we talk about the EV platforms. I think we’ll be able to give more color when we come back in February for the outlook.
Patrick McCann: Yes, and I think, Mark, when we talk about the mega-trends, there was a big improvement in the ADAS business specifically as we start launching these programs, and that’s regardless of whether it’s on or distributed across ICE and EVs in that space, so you’re expensing significant engineering today and as those revenues launch, we should have a lot of contribution margin dropping to the bottom line, so it’s really not just an EV explanation into ’25.
Mark Delaney: Very helpful, thanks. In terms of the updated EBIT margin guide, you’re taking up your margin guidance on pretty similar revenue and despite the UAW strike headwind that you’re now having to overcome. You gave us a number of metrics around various puts and takes, but maybe just level-set us and summarize a bit what’s driving the better EBIT margin despite some of these headwinds, and is there anything unusual that you would say is more temporal helping the margins in the second half of this year, or do you think this is illustrative of the profit potential and gives you guys some good momentum toward the at least 230 BPs of margin expansion by 2025 that you’d previously talked about? Thanks.
Louis Tonelli: I can start and Swamy can jump in. When we look at the, I think guide to guide, we’re really just executing where we expect it to be. Volumes have come in a little bit stronger. If you look on an annual basis, we’ve said since the beginning of February that we’re going to improve our margins as we go through the year, and that was driven by launches, some changeovers, but also just the timing of recoveries of our commercial settlements. I think we’re tracking on that plan. The one change, I would say since February really has been the execution on the operational front that we’re exceeding our targets for, whether it’s cost recoveries or cost containment, and our acceleration of our improvement plans. I think that’s the big driver, and that’s what’s given us confidence. We’re reiterating what we said in September, that we have confidence in our ’25 numbers.
Patrick McCann: And we’re taking our input costs down. We said it was going to be a headwind of 50 last time around, and we’re saying it’s basically neutral now, so that’s another contributor to the outlook to outlook improvement.
Swamy Kotagiri: Yes, in summary, I would say, Pat, there is not any temporal topic that has added to the expansion, but it’s just operational excellence and the right trend of the materials and energy.
Patrick McCann: Correct.
Mark Delaney: Thank you.
Operator: Thank you very much. We’ll proceed with our next question on the line from Tom Narayan with RBC. Please go right ahead.
Tom Narayan: Hi guys, thanks for taking the question. First one, sorry I missed this in the prepared comments, could you review the UAW impact, just the absolute revenue and EBIT impact that you’ve–EBITDA or EBIT impact that you’ve had thus far, or you expect in ’23?
Patrick McCann: Yes, hi Tom, it’s Pat. Just to level-set, our Q3 impact was $55 million in sales, about 10 basis points on margin. Q4, we’re estimating an additional about $255 million, so on a full-year basis $310 million of sales with an impact of 10 to 15 basis points on our guide.
