Daniel Djurberg: Thank you, and good day, gentlemen. And congratulations on solid year-end, and thanks for taking my question. I would like to ask you a little bit on coming back to the catch-up and the IPR revenues that you see. And the question is really, if the €1.4 billion low level that you aim for in technologies in 2024. If this is dependent also on that you signed a recently expired name, and if it also includes HP and Amazon that you have litigation for it or if you can more or less meet this €1.4 billion also excluding these three?
Marco Wiren: Yeah. What comes to different deals and exactly their levels we cannot go into, as you understand, these is confidential. But we have guided on the best knowledge that we have today and what we see will happen throughout the year. And we’ve been clear on that as well that this is including the catch-up for those Oppo deal that we just signed. And we also expect to sign couple other deals in technologies that we have — that has expired before the year-end.
Daniel Djurberg: Perfect. And a follow-up, if I may, on the broadband equity and access deployment program in the US. Have you seen any news there in terms of financing, any early order intake. So if it’s still your view that it will be supportive on the second half of this year? Thanks.
Pekka Lundmark: Absolutely, it will be supportive. And exactly, as we said earlier, the impact starts to be when we talk about sales it starts to gradually come in, in the second half of the year. We have a lot of stuff in the pipeline that we are working on at the moment. So second half of 2024 and then, of course, 2025, it will play a meaningful role in NI, especially Fixed Networks, but there could also be benefits to IP networks and Optical Networks. Of course, we need to keep in mind that when we talk about the €42 billion total program value, approximately 10% of that is addressable to us. The rest will go to something else like digging cables into the ground.
David Mulholland: Thanks Daniel. We’ll take our next question from Joseph Zhou from Barclays. Joseph, please go ahead.
Joseph Zhou: Hi. Thank you for taking my questions. One and then another follow-up. So firstly, on your free cash flow conversion guidance for before it remains well below the long-term target despite the boost from the IPI cash flow payments. I understand you talked about the moving parts with restructuring and also some prepaid payments already happened. And are there any reasons for us not to expect a bigger working capital reversal given the 5G cycle? And just wondering what are we — we’re missing here?
MarcoWiren: Yes. Just like you mentioned as well that we will have the negative impact by the prepayments that we received in technologies in 2023. And then we expect also working capital to continue to have a positive impact. But these — if you sum up these, we believe that we are well in the range that we have guided, which is improving from last year. Last year range that we guided was 20% to 50%. Now it’s 30% to 60%. And then year after that, we believe that we are well in our long-term guidance range as well. So it’s step-by-step improvement that we see in the free cash flow conversion ratios.
PekkaLundmark: And when it comes to networking capital, we already saw good release in Q4 last year, which was one of the drivers behind the strong cash flow in Q4. There is still additional potential there. But I’m just kind of saying that part of it was already released in Q4. Then there is the €700 million prepayments in tech or €700 million — no, sorry, I take it back, €700 million lower cash compared to sales — net sales in 2024 in tech, then there is restructuring cash outflow in 2024. And then since you mentioned the catch-up payments there, you have to remember that, that will be both cash and revenue in 2024. So that does not improve the conversion. It improves the absolute cash, absolutely, but it does not improve the conversion.
Joseph Zhou: Thank you. And then just a follow-up on the bid projects in North America. Just wondering how much contribution have you baked into your 2% to 8% NI growth from these bid projects in North America? And also, you talked about better orders you’re seeing for these projects. And what’s your visibility to the timing of these projects in terms of delivery?
PekkaLundmark: Yes. Well, as I said, the timing is such that we start to see top line effects of it in the second half of — gradually in the second half of 2024 and then into 2025. We have a strong pipeline of opportunities. If I’m not mistaken, there was something small in the order intake already in Q4, but that was small so it is taking off gradually these things because they are politically driven. They always take the time first, you allocate the money on the federal level, then it goes to the state levels, and then gradually it fluctuates the different opportunities with carriers. We have not quantified exactly how much of this would be in the 2% to 8% growth assumption in NI. But as I said, it’s H2 driven and it’s not huge yet in 2024. It will grow gradually throughout the second half and then into 2025.
David Mulholland: Thanks, Joseph. We’ll take our next question from Artem Beletski from SEB. Artem, please go ahead.
Artem Beletski: Yes, hello, and thank you for taking my question. I would like to actually ask on European development and looking at revenue trends, so it seems to be the case that the declines have been accelerating also excluding technologies related impact in Q4. Could you maybe talk a bit more what is happening really there? Is there also potentially some inventory digested, which is ongoing on the market?
