Joseph Cardoso: Hi, good morning guys and thanks for the questions. First one from me. Some of your partner OEMs have highlighted longer decision-making tightening the purse strings, among other things from end-customers and they appear to be seem to be cautioning around the IT environment — spending environment. I guess that, are you guys seeing a similar environment from your end-customers? And if so, what is driving you guys to be more optimistic around the IT spending environment. And more specifically your growth outlook for fiscal ’23, and then I have a follow-up. Thank you.
Rich Hume: Sure yes. Joe, this is Rich, let me handle that first. So, if we think about the back-half of last year, I think, our reported growth rates in both the third quarter and the fourth quarter at constant currency, and then adjusted for the accounting difference during the merge, were double-digit — mid double-digit teens, if you will. And when you take a look at Marshall’s comments relative to our preliminary thoughts around the year, he is talking about 3% to 5%. So, from my point of view, there is a pretty material, if you will, change in that trajectory overall. The way we kind of think about it, we obviously looked at many, many different sources as we look to plan our business, the one that we most have the best correlation or had seen the best correlations to are GDP.
Without getting into all of the details, our business is very concentrated in the Americas and Europe. And if you take a look at the GDP for those two regions is it’s near as flat. I think the Americas are up a couple of tons and Europe is down a couple of tons. And over the 15-year average, I see outpaced GDP by about three points. So this is based on — this is a theory that we use when we think about the likely outcomes for our business in the coming year. And every quarter, we take a look at what are we hearing in market as it relates to GDP. I would say that it had been somewhat volatile. So we continue to look at that metric as the greater macroeconomic scene sort of plays out in front of us.
Joseph Cardoso: Got it. I appreciate the color there. And then my second question, if I look at your revenue guidance for the February quarter, it’s actually in line with what you were expecting for the November quarter, however, the earnings guide is a bit softer. It sounds like from your commentary that it’s largely driven by interest-rate headwinds and some FX. How are you — just want to confirm there that you’re not seeing any other material pressures like areas of the P&L like gross margins and maybe even more specifically, are you expecting gross margins to improve going into next quarter as you continue to benefit from the mix-shift that you saw this quarter?
Marshall Witt: Hi, Joe. So as you think about as we think about ’22, there was some benefit to the pricing environment, we call that out 5 to 10 basis points on gross margin. I would expect that to abate or normalize in ’23 and I think the other influencing factor about Q1, it’s just the mix-shift as we talked about earlier. Distribution, we expect to continue to grow well, hyper technologies, specific to the hyperscale Hyve business will decline slightly. So the mix itself is probably the last piece of trying to triangulate the margin profile for Q1.
Rich Hume: Yes, if. I could just add on to the comments. You know, the fundamentals of the execution of our businesses are quite good. And so I kind of think of three buckets relating to I think you called the softer guide from an earnings perspective. Three points, number one is interest, by far the biggest, a year-to-year. Then second is, there is some currency overhang. Presuming a more stable Euro that sort of a base as we move into the future. You know that FX discussions. And then the third is the mix in particular, lesser growth in Hyve in that overall three to five guide and it’s those three factors. But we’re very-very pleased with the fundamentals and the profiles of our businesses.
Joseph Cardoso: Got it, thanks for the question, guys, and congrats on the results.
Rich Hume: Thank you.
Operator: Our next question comes from Sameer Kalucha with RBC.
