I would say we are more — somewhat less impacted because our costs also go down along with the revenue impact. So I would say we are reasonably buffered. I would say, probably less than 50 basis points impact on gross margin percentage for the full year due to the dollar strengthening. I would, probably guess towards that. It’s probably not more than that. Whether it is really 30 basis points or 50 basis points, I do not have that level of accuracy. But I do have good clarity around top line impact. Don’t know if that is exactly what you were looking for or you’re looking — or you were questioning from a different perspective.
Anthony Petrone: No that’s clear. And then last one for me just on capital allocation. The company has done tuck-in M&A, in the past several years we haven’t seen anything on the activity front, although prices in public and private markets have shifted here a bit. So, just the latest thoughts on tuck-in M&A activity? Thanks again.
Sunny Sanyal: Anthony, we’ve still been focused on strengthening our balance sheet paying down debt and we expect to continue to do that to get to our target leverage levels. So for fiscal 2023 we’ll continue down that track of supporting the investments that we need to make in India in our factories and the capital budget deployed in that direction. No particular specific plans for moving off of that trajectory at this time.
Sam Maheshwari: Yeah. I would just add Anthony a little bit more color to what just Sunny said that first priority for us is to keep on investing in our business organically, which would be through investing in working capital and fully funding R&D and other priorities. But at the same time as we look forward to this upcoming year, we are — we would need to invest a little bit more CapEx than what we have traditionally done in the past. We are looking at high capacity utilization for our tubes factory here in Salt Lake City. So we are investing a little bit more in tubes factory here in Salt Lake, as well as elsewhere in the world. So CapEx we expect to run a little bit higher in fiscal 2023 than what it was for fiscal 2022 for us.
Sunny Sanyal: And Anthony we’ve always had a fairly good visibility to prospects and opportunities in organic opportunities. We have — as you know we stay in touch with a lot of the companies in this space. So we’ll continue to stay connected and in touch with €“ wait for it, but at this time, no we’re not actively pursuing any particular M&A opportunities.
Anthony Petrone: Thanks.
Operator: Thank you. Next question today is coming from Jim Sidoti from Sidoti & Company. Your line is now live.
Jim Sidoti: Good afternoon. Thanks for taking the questions. Can you talk a little bit more about pricing — the price increases you put in earlier and this year seem to be ticking, do you think that they’re going to increase pricing again in fiscal 2023 if your costs continue to rise?
Sunny Sanyal: Hi, Jim. So we have rolled out — we rolled out price increases. And they have had some effect or they’ve offset some of the cost increases. However, the cost increase — the input material cost increases that we’ve seen have outpaced our ability to realize — to offset fully the price increases that we’ve realized during the year. And a part of the reason for that is our — many of our customers have multiyear contracts and some of them also place large frame orders with us. So until those run out and we get to a renewal point, we’re not able to realize the benefit of those price increases. So we will continue to roll out price increases in fiscal 2023 as well and the timing of when they go into effect will impact how much we can realize.
