And also we’re partnering with people that handle both. But the fact is we think – we believe that the main technology going forward when it comes to liquid is really direct-to-chip. But again, it is certainly a portfolio approach that we’re taking.
Amit Daryanani: Got it. And then, I guess, how do you think about the economics with these clusters versus corporate average? I imagine it’s more complex with higher ASPs. But I would love to know if you think that a, that’s fair and then how does it flat or operating margins and so on as well?
Giordano Albertazzi: Well, it’s a bit a lot of detail and also premature for those details. But I go back to the point I made at the beginning, we see this as additive. So it is another technology. We did not participate in the heat sync or extraction of the heat from the server. Now we started to participate also in that part of the equation. So a bit premature, but I want to make sure we understand that is something an addition for us. But that absolutely dovetails in what…
Operator: Thank you. Our next question comes from Lance Vitanza with TD Cowen. Lance, please goa head.
Lance Vitanza: Thanks guys for taking the question. My question is with leverage down to around two times at the end of the year, you’re about a year ahead of where we thought you’d be. And it seems to me that two times is low enough and that free cash flow in 2024 should be directed back to shareholders. Can you discuss your thoughts on that idea and would you favor increasing the recurring dividend or a share buyback or perhaps other vehicles? How are you thinking about the return on capital? Thanks.
David Fallon: Yes. First, let me say, it’s very nice to have this conversation, because we couldn’t have asked this a year ago. So at this point, we’re going to get through this year. And we will share in our investor conference our further thoughts on capital allocation. We certainly are participating in industry where there should be plenty of growth, and there’s probably plenty of opportunity to continue to reinvest in the business, but we do recognize that we will have to make some strategic decisions with what to do with some excess cash. I think as we said previously, we do believe there are some accretive strategic acquisitions out there. That is probably something we would look at first, but we’ll be able to give a lot more detail in November.
Lance Vitanza: Thanks very much.
Operator: Thank you. Our next question comes from Jeff Sprague from Vertical Research. Jeff, please go ahead.
Jeff Sprague: Thank you. Good morning everyone.
Giordano Albertazzi: Good morning, Jeff.
Jeff Sprague: Nice quarter. Good to see. I wanted to pick up on sort of the exit rate there on the margin and David, thanks for doing that math for us. We had done it, but I’m glad you pointed it out. And really, the – I guess the question is if we go back to that original algorithm before kind of the missteps to 18.5 months ago – 18 months ago or so, we were thinking about operational improvement, being better on price execution, the internal execution and the like. I just wonder if you could update us on all of those levers really, particularly kind of the internal operational opportunities that you see. And I would suspect we’re in a strong enough demand environment that you would expect to be able to remain price cost positive for the foreseeable future, but I wonder if you would agree with that or how are you thinking about kind of the price cost lever inside the margin trajectory from here?
