Mark Morelli: So thank you for that question. We’ve been super excited about the progress we’ve been making with iNFX platform. And Shell is going really well. We’ve deployed pretty significant amount, almost maybe 25% of that very large order. If you may remember, we accepted orders from Shell and Chevron that represents about 15% of the USC store installed base. So some really big orders there. And so the fact that we’re progressing through them really nicely in the rollout, I think bodes well. I think there is other large names that are out there that are piloting it. They’re taking a very close interest in some of the productivity gains they get from this platform, which is really one of the central issues that they are facing is how do they manage that infrastructure in a more productive way.
And this platform really fits exactly into that need. So a lot of attention on it, and I think we’ll keep you posted and we’ve done press releases in the past, and we keep you posted as we continue to get wins. Our pipeline is no question growing for this offering. And keep in mind that that’s just for the payment aspect, we also have, think of iNFX more as a site management platform. And so we have a lot more buildout around the iNFX platform on site management related productivity and automation, which is an outstanding theme with some great secular drivers behind that for the mobility ecosystem. So we’re excited about it, and there will be more to come.
Robert Jamieson: That’s great. Thank you for the color there. And then solid free cash flow generation in the quarter and conversion. Can you just talk about some of the opportunities in 2024 and how you might drive higher conversion?
Anshooman Aga: Yes. I think 90% to 100% free cash flow conversion is the hallmark of our business. So we’ll continue to drive that we have strong working capital management initiatives in place, which span all aspects of our balance sheet. We continue to look at inventory, how we can optimize inventory while meeting customer demand and lead times down. Obviously, we’re very focused around collections and payables also. And there’s a lot of talk around some of the R&D from a tax perspective, whether the Senate passes that, that’s definitely some potential upside if that happens about $20 million upside from that if that happens.
Robert Jamieson: That’s great. And sorry, can I sneak one more in on Matco. Just on product vitality, I mean I know that’s something that you called out besides, can you just talk a little bit about that process? Like are you kind of reaching out proactively to mechanics and trying to figure out what attributes they’re willing to pay for when you’re developing these products. But just curious kind of how you approach that? Thank you.
Mark Morelli: Yes. It’s a long-standing part of our business model in Matco, where we’re pretty nimble with our supply chain and through our suppliers. So we heavily engage our supply chain with the team that focuses on the market and on the high-value problems that service technicians are facing. One of the biggest issue for a service technician is how do they how can they be more productive in the shop? How can they make sure they’re not running into problems. They have the right tools and capabilities. And if they can do things that drop their time and have higher efficiency, in the shop, then that’s a major boom for them, and they’re certainly willing to pay for that and they don’t ever want to approach a situation where they might buy — bog down the shop or bog down their productivity.
As you know, if you’ve ever had your car repaired recently, you know it’s just difficult, just the overall labor challenges and the complexity of repair is going up with new monitor vehicles, including electric vehicles, things are more complex. And so that is a great backdrop for our business model, which really focuses on this productivity aspect within the shop. And I think what you’re seeing is our product lineup this year has been just great. I think we’ve identified the right issues that can help the service technician and they’re certainly willing to spend in that environment.
Operator: There are no further questions at this time. I’d now like to turn the call back over to Mr. Morelli for final closing comments.
Mark Morelli: Yes. Thanks for joining us today. I’m really excited about our operational performance for ’23. Our outlook for 2024 also is reflective of the significant progress of our portfolio transformation and the momentum that we have. I can tell you, I’m not more thrilled to have the EMV cycle behind us and look forward to a clean core growth in 2024. I’m incredibly proud of our team, and I look forward to further executing on our Connected Mobility strategy. So, we look forward to seeing folks on the road in the coming weeks. Have a great day.
Operator: Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating in and ask that you please disconnect your lines. Have a lovely day.
