Mark Schwartz: We’ll look at that as Q4 not for the full year. As you said, that’s correct. And we’re looking at it on a non-GAAP basis.
Jim Suva: Great. Thank you so much for the details. That’s appreciated.
Mark Schwartz: Yes. Thanks, Jim.
Shai Terem: Thank you.
Operator: Thank you. Our next question is from Noelle Dilts with Stifel. Please proceed with your question.
Noelle Dilts: Hi guys. Good afternoon.
Shai Terem: Hi, Noelle.
Noelle Dilts: Hi, I recognize that kind of the trends in your expected EBITDA and cash flow will sort of move hand-in-hand. But any additional thoughts or guidance you can give us on how you’re thinking about sort of managing cash as you move through 2023? And sort of how you’re thinking about where you’d like the balance to be as we look toward the end of the year? Thanks.
Shai Terem: So Noelle, thank you for the question. I think as you can see, we are still very confident about the fundamentals. And we don’t think they are changing maybe even for the better with all the insurance coming back and manufacturing needs to build more resilience into it. And I think we’re part of the solution. With that, there is still uncertainty around yes, I know this inflation recession. And we already took the right adjustment on cost basis to ensure that we will get to the breakeven point in the end of ’24 as we discussed before. We shared before that we believe together with a very strong balance sheet. And as you can see from some of the comments that Mark shared before, we’re looking to reduce materially the cash burn during this year.
So if we’re finishing this year with about , we are currently expecting about $15 million burn rate this year versus about $120 million last year. So it’s significant reduction in the cash burn and we believe this will continue once we will be able to meet the full potential of the growth with our new product portfolio.
Noelle Dilts: Okay, great. Thanks. And then just in terms of your R&D investments, anything you can sort of highlight in terms of priorities or things we’re sort of excited about for ’23, whether that’s on the software front materials hardware any thoughts on sort of how you’re prioritizing investments? Thanks.
Shai Terem: Sure. This is a great question. Thank you so much. So as you can see over the last two years or so, we own more than doubled, I think, our R&D investment. And if you take M&A to it, we’re even more than that. And the outcome of it is a very strong pipeline of innovation. So you can see that we are starting the year already with launching the PX100 and launching simulation and putting it into a tier size model with software and service into our customers. But we believe it’s only the beginning. And you can probably assume if we invest more in R&D, our product portfolio innovation pipeline is accelerating. And we shared before publicly that we intend to release a new product almost every year. So it’s coming. So we are very, very excited when we see what we have coming this year and in 2024. About our ability to really help our customers, to move real production to the point of need on every manufacturing for wherever they are.
Noelle Dilts: Thanks very much.
Shai Terem: Thank you, Noelle.
Operator: Thank you. There are no further questions at this time. I’d like to hand the floor back over to Shai Terem for any closing comments.
Shai Terem: Thank you very much everyone for joining us and looking forward to a great year.
Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
