Sameer Kalucha: Got it. Thank you.
Operator: And we will take our next question from Joseph Cardoso with JPMorgan. Your line is open.
Joseph Cardoso: Hi. Thanks for the questions, guys. So just one for me. We’ve seen some positive data points in the PC supply chain over, like the last one to two months at least as it relates to inventory levels. Just curious to hear what you guys are seeing as it relates to channel inventory. And then just on the demand side, you suggested some of your partners suggesting a recovery in 2H on those various kind of data points. I’m just — are you actually seeing any of that to date and at least conversations that you’re having with your customers, or should we think about that becoming more tangible later in the year?
Rich Hume: Thanks for the question. And when I had discussed the PC ecosystem earlier off of Keith’s question, I had left out the fact that there was a lot of visibility brought by vendors broadly to I’ll call it extra inventory within the channel. And fundamentally or I should say anecdotally, I believe that’s true. We don’t have visibility with precision with regard to all of the inventory that’s held by our resellers. But anecdotally, the evidence was there through the discussion we were led to believe that there was an inventory work down. So I do believe that that’s part of the realignment, if you will, for the second half of the year. To answer your question explicitly, have we seen the green sprouts yet? No, we haven’t. I do believe there are months ahead as opposed to beginning currently.
Joseph Cardoso: Got it. I appreciate the color. Thanks.
Operator: And we will take our next question from Tim Long with Barclays. Your line is open. Tim, your line is open. Please check your mute button.
Tim Long: Sorry about that. Two questions here, if I could. First, if you could talk across the device business in the advanced technology businesses, the impact of pricing and price changes, obviously PCs were inflated. And then if you look at the server and storage market, we’re seeing pretty meaningful memory cost decline. So curious if you’re starting to see any of that showing up in your numbers? And then secondly, maybe Marshall if you can talk a little bit about cash conversion cycle and how we think about that to the rest of the year? Thank you.
Rich Hume: Okay. Thank you for the question. I’ll handle part A and then Marshall will part B. So this varies a little bit by region, but we have seen price activity in PC. Given the supply situation we spoke about earlier, expectation is that as supply stabilizes that there’ll be lesser activity, if you will, around the PC segment. We have, consistent with your thoughts around some of the commodity prices coming down, which obviously are a big part of the bill of materials within advanced solutions, we have seen price activity begin to emerge. It’s been a good long time since we have seen that, but yes there has been price reductions. And we would anticipate price reductions as the flow through of those commodities occur. The other question that should go along with that, that I’ll kind of put it in the category of too early to tell is a lot of times when these commodity come down, the ASPs get held while customers take, I’ll call it, more rich configurations.
So the question will be, will we see that or will we see customers, given the economic circumstance, accept leaner configurations? I don’t have enough evidence or information on that yet, but that’s something that probably will play out in the next 90 days.
Marshall Witt: And on the cash conversion cycle question, you saw for quarter one, we were around 26. I expect that to improve by a couple of days in Q2 to about 24-ish. And then similar to what we had said at the beginning of the year, I do expect that to continue to decline or improve for the rest of the fiscal. Ideally, if we can get to around 20 days-ish, that would be great. In my comments, you saw we did reiterate the confidence around our free cash flow being at 1 billion plus. We still feel given the working capital improvements, the earnings power of the organization and assumption that supply chain remains stable and the inventory channels continued to clear, I think we’re going to be good to hit that.
Tim Long: Okay. Thank you, guys.
Rich Hume: Thank you.
Marshall Witt: Thank you.
