Nazzic Keene: Good morning.
Greg Konrad: Maybe just to start, I mean you called out record collection in January and just thinking about the cash flow bridge, working capital and earnings are the contributor over the next several years. Can you maybe just give some color around the opportunity you see in working capital, whether it’s metrics or just how to think about that going forward?
Prabu Natarajan: Yes. I appreciate the question, Greg. And let me try and take a stab at it. We have got a chart in the earnings presentation that offers a multiyear view of cash flow. And I think most importantly, at about a three-turn leverage for FY €˜24, we are sitting at, let’s call it, around $9 of free cash flow per share. Our previous estimate was about $10 million. And the difference is effectively 174 and the sale of our supply chain business and the deconsolidation of FSA. And so that’s sort of the multiyear view. We are a very strong believer that there is potential for working capital improvement. If you just looked at the Q4 cash that this business generated, we reported free cash flow of $150 million round numbers.
That included $70 million on Section 174, plus we had a payroll deferral give back in Q4. When you add those two elements to the free cash flow we generated in Q4, that trends to free cash flow in Q4 of about $275 million round numbers, so very strong cash flow generation in Q4. And as we think about working capital on a multiyear basis, look, we are not going to take the foot off the gas pedal. We see opportunity to continue to improve DSO. We continue to see opportunities to improve DPO, inventory management, supplier terms and conditions, our terms and conditions with our customer. All of those present, I believe solid opportunities for us to improve cash on a multiyear basis. Obviously, with a growing business, free cash flow €“ working capital impacts are a little more of a pressure on a growing business than when you are roughly flat.
But there are enough things in the hopper here that will continue to allow us to offset the growth needs of a business and actually generate some improvement in working capital on a year-over-year basis. So, we are pretty committed to kind of the plans we put out there, and you will see this team go really hard. And finally, just as importantly, cash flow from ops is an important incentive comp metric for this team. And therefore, you will continue to see us grind through operating cash so we can deliver better cash than most in our business. And most importantly, as Nazzic mentioned, you will also see us make good choices with the capital deployment element of this. So, we continue to be a differentiated story in that space, I believe.
Greg Konrad: And then just to follow-up, you gave a lot of helpful commentary around GTA bidding strategy and just some of the opportunities out there with the caveat that there is some market volatility near-term, just given what’s going on in D.C. Any way to quantify maybe how the pipeline overall has moved just given some of these opportunities and bidding strategy, and how you are kind of thinking about that when you talked about book-to-bill before?
