Christopher Glynn: Okay. And it was nice to see positive free cash flow in the first quarter. It’s often a challenging seasonal quarter and in particular, this year, just ahead of significant ramps at Security. So wondering if you could give some color on what sort of levels, range, metrics around free cash flow we should be looking for this year?
Alan Edrick: Chris, this is Alan. Good question. So while we don’t provide free cash flow guidance, we would agree with your statement in light of growing our inventory by $80 million to support the large Security contracts still generating $17 million or so of operating cash flow was quite strong in Q1. As we look out, there’ll be some continued buildup in inventory for these contracts. We think where the real, real significant free cash flow could be driven is in fiscal ’25, fiscal ’26 and beyond. I mean we’ve historically been a very strong generator of free cash flow. We think that strength will only increase as we move beyond this fiscal year. We do expect to generate nice free cash flow this year, but the real strength in the free cash flow will begin in the subsequent fiscal year is our current expectation.
Christopher Glynn: Okay. And then just one on Opto and manufacturing, really looking very sturdy, a lot of short-cycle volatility out there from OEMs and distribution impacting a lot of names. And just so curious if you could describe a little bit about what’s giving that stability, particularly how externals performed? And if you’re seeing a regular cadence of wallet share additions with your global customers as they try to derisk supply chain?
Deepak Chopra: Well, again, a very good question. It’s a different marketplace. Basically, in some cases, is a very predictable customer base. We work with the OEMs, and we continue to look at it. But they’re also going through basically inventory increase, stop it, go longer term. So it’s a continuing evolving matter. The thing that really makes us very, very good compared to our competitors, one is, we’ve a very broad customer base from aerospace, defense, to automotive, medical, consumer, name it, we’re in all spaces. So as a group, all those areas, some are weak, some are strong. And the second thing that we keep saying it, and I’ve said it before, and I said it again, our global presence of manufacturing is a big advantage.
And lately, you’ve heard it everywhere that there’s a lot of talk about alternate to China. And we have the ability, both in Asia and in U.S. and in Europe to manufacture products from our customers. So we look at this business as a very well thought out business, predictable business. But like I said, this is a focus of the business depending on our customer base. Alan?
Alan Edrick: No, I think that says it well.
Operator: This does conclude the question-and-answer session of today’s program. I’d like to hand the program back to management for any further remarks.
Deepak Chopra: Well, thank you very much, and we again want to thank all the employees of the company and all the customers and everybody else, including the stockholders and not to forget the analysts. We are very excited about the rest of the year. Backlog is there to support it. And we are looking at a lot of other opportunities. And we think that the balance of the year starting in Q2 into Q3, Q4 will be very strong. Thank you very much. Talk to you in January.
Operator: Thank you, ladies and gentlemen, for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day.
