Paolo Rocca: Yes. We are considering this as I was mentioning for the next quarter, we expect to have margin in this level. And also I think this will be sustainable in the first half. Now then volatility is there, and we have to take this into consideration. But the consideration that we made at the beginning are supporting, let’s say, a relatively good level of margin for the 2023.
Stephen Gengaro: Great. Thank you. And then the other question I have for you was when we think about the balance sheet and the cash generation, I mean, even with your $650 million of CapEx, you’re going to generate, it looks like a significant free cash flow this year in 2023, and I don’t know if it’s give or take, $2 billion, I think, you bumped the dividend somewhat. How do you think about accelerating the amount of cash coming back to investors. I mean that’s a big theme in oil services these days is acceleration of capital returns. Investors clearly want that, you don’t have the acquisition now that you’re spending $400 million plus on. How do we think about your willingness to even increase the amount of capital coming back to shareholders given the free cash flow?
Paolo Rocca: Well, the — what we will be proposing in terms of dividend, we tend to follow established path and keeping in mind the cash flow generation, the results, the long-term view for the company. We will stick to this policy is also true that we are increasing dividend by 24% this year, even if the cash flow has been an influencer affected by strong increase in the working capital this year. We will take a decision in consideration next year, and we will propose a dividend according to the policy we are following also in the past. That is also taken into consideration, the results and the cash flow generation.
Stephen Gengaro: Okay. Great. Thank you for the details.
Operator: Thank you. Our next question comes from the line of Frank McGann from Bank of America.
Frank McGann: Okay. Thank you much. A couple of questions, if I might. The first one it would be just in terms of the outlook, you seem pretty confident in the first quarter you have obviously less visibility for the later quarters. But the second quarter, third quarter, as you’re looking at them, do you have some indication of the level of strength that you have and related to that, when you’re — as you’re rolling things forward now, are you seeing the pricing at which you’re being able to roll over contracts starting to go down in the U.S.
Paolo Rocca: Yeah. As I was saying, we see that 2023 the volume in terms of volume, in terms of invoicing, we will have a year higher than 2022. As we expressed in the opening remark in the press release. I also made a comment on pricing. I mean the driver that in my view should support pricing in the different scenario in the U.S. and internationally. But it’s clear that for the second part of the year, there are many factors that are creating a certainty on the dynamics, part of this is also basically short. But on the dynamic of pricing for the U.S., I will ask Luca to give us his view on the perception for next quarter and this quarter.
Giovanni Sardagna : Hi, Frank, maybe you are not on mute.
Paolo Rocca: Frank, there is some noise coming from your side. Maybe you’re still not mute.
Frank McGann: Okay. I apologize.
