Steve Deitsch: … it kind of really demonstrate like the last two years have been atypical for us from a historic P28 use of capital and a lot of it’s been driven by the supply chain disruptions in inventory and we have done some stockpiling of inventory, and unfortunately, we have — like we have been talking about certain inventories, we don’t have enough of. But absolutely, where we are at today from an efficiency perspective on our balance sheet is not where we are going to be three years from now and — or even next year or even this quarter, we improved from last quarter and the fourth quarter is going to improve compared to the third quarter. So that’s going to become a significant area of cash flow tailwind for us into next year and beyond and then we also don’t have the anymore legal settlement payments and we are also going to be EBITDA positive beginning next year is our expectation compared to we have run EBITDA negative the last two years as we have made some really targeted investments that build a nice investment base.
So help us as we go forward. So we are really happy about the progress we are making in our supply chain, this new credit facility and the visibility that we have to being EBITDA positive in 2024 and beyond and also improving our operating cash flow.
Dave Turkaly: Thank you for that one. One quick one, just, I guess, CapEx plans or what should we be expecting there moving forward? Is that going to be at a consistent level? I am not sure if you have other investments to make, but where you stand on that front?
Steve Deitsch: Yeah. So we have also — if you look at our investing cash flows in the last couple of years, we have had in there a couple of unusual items. We bought our building for $18 million. We purchased Disior in 2022 for $19 million. And an underlying in there, we have had about probably, call it, $30 million of instrument purchases or about $15 million per year. That’s sort of the high end of the range for us for instruments. So I would think about instruments — if you want to use that in your model, that’s what it’s been, but I think we can do better than that on an annual basis. And then other PP&E has been somewhere between $15 million and $16 million over the last two years. That’s going to come down. We launched SAP, which a lot of that was capitalized over the last year and a half.
So we expect not only operating cash improvements compared to the last couple of years, but also the investing cash line we will get — we look a lot more interesting next year too and beyond.
Dave Turkaly: Thank you.
Steve Deitsch: You got it.
Albert DaCosta: Thanks, Dave.
Operator: We have no further questions. So I will turn the call back to the management team for any closing comments.
Matthew Brinckman: Thank you for joining the call and all of your questions-and-answer. We look forward to speaking to you all again in the future. Thank you.
Albert DaCosta: Thank you.
Operator: Thank you everyone for joining us today. This concludes our call and you may now disconnect your lines.
