Sameer Kalucha: Hi, this is Sameer Kalucha calling in for Ashish Sabadra. Thanks for taking my question. I was wondering if you can provide some more color on the inventory normalization, do you think there is any pull forward of demand over here or does it just supply-chain normalization happening as I’ve heard from partners? And when do you expect the supply chain on the Advanced Solutions side to normalize?
Rich Hume: Yes, Sameer. Thank you for your question. So a couple of things, number one is, hopefully I’m going to answer your questions here, but number one is, certainly, you know, the reduction of the backlog benefited our overall sales growth that 14% when normalized for constant currency as well as the accounting 606. When we think about the backlog, to give you a little bit more insight as I said earlier, the backlog for the PC ecosystem businesses generally are at profile and serviceability levels that we had seen pre-COVID. We’re still elevated in Advanced Solutions and my crystal ball says with maybe some minor exceptions by the time we get to the mid — at the midyear point that we should probably make our way near profile and have sort of pre-COVID serviceability for the majority of the Advanced Solutions categories.
So I do see in Q1 and Q2 a bit more of a backlog run-off in that Advanced Solutions category and hopefully by the mid of the year will be at profile.
Sameer Kalucha: Got it, thank you. And just a just a quick follow-up. We all hear from partners and industry players saying cloud spending is being more rationalized and companies are looking at their spends more carefully than they have been in earlier times. How do you see that slowdown in Hyve staying out? Do you think it’s a very short-term in one or two quarters kind of thing? What do you think is there’s little bit something more structural to look in the say, mid-term, when companies try to re-architect their applications, which will likely take longer. So any thoughts you can provide on that?
Marshall Witt: Sure, Sameer. I’ll start first. We’re used to pencil sharpening. I mean it’s part of the business of always trying to create an event ways of providing more value. So, whether it’s distribution, whether it’s high-growth, those areas over time will feel pressure from just the competitive environment from a pricing environment, but I think the majority of what we’re seeing in fiscal ’23 as it relates to cloud service providers and their thoughts is, how can we continue to provide more end-to-end solutions beyond just data center fulfillment. But we’re seeing that breadth of portfolio play out. And it’s upon us to continue to kind of create new value that creates more premium and ultimately more margin for us. Rich. I think, anything else you want to add to that.
Rich Hume: Yes, just two thoughts and I want to break this between core distribution and Hyve. First, on core distribution, remember that our client base is more towards small, medium size clients overall. And when new technology gets deployed, like cloud, it’s very-very much enterprise first and then makes its way down through the rest of the customer as offerings become more efficiently packaged. So, my guess is that if we look at the customer segmentation around cloud, you’ll see that the growth rates are more robust in the SMB space because of the evolution of technology, maybe versus the enterprise. So you know that, that sort of relative to the total picture, should be beneficial for us. As it relates to Hyve and that business as you know it services the CSPs. I’d share two thoughts with you.
Number one is I do believe that the long-term view for hyperscale will grow at mid-teens, if you will. And then just recall within our portfolio, we have the opportunity of customer expansion. And we’re feeling good about our customer prospects, if you will, as we move through time and really taking advantage, if you will, of expanding our customer portfolio.
Sameer Kalucha: Got it. Thank you.
Operator: Our next question comes from Jim Suva with Citigroup.
Jim Suva: Thank you. Can you go over a little more detail a little bit about the Hyve profitability changes, and was it purchasing timing, true-up? And why is it sustainable? Or just why the volatility there and the profitability? Thank you.
