Udit Batra: I’ll start with the order and then I’ll let Amol talk about the tax piece. Orders are in line with sales again, direct. So, no real difference between the two for Q4. And the trend from Q3 to Q4, it’s almost a 15% ramp from Q3 to Q4. Same thing we saw with orders really, as expected. So, Q4 really landed as we had talked about. Amol, on tax.
Amol Chaubal: Derik, great question on tax. So, if you traced last few years with us, the tax rate has gone up roughly about 150 basis points to 200 basis points. And bulk of that is really coming from the US R&D capitalization. And as a company, we’ve sort of taken a position that Section 174 changes have an ongoing effect on our P&L. And absent of future legislation, we are not excluding those charges from our non-GAAP P&L, which is different from some of us in the sector. But we think those expenses are part of our non-GAAP P&L, and that’s the bulk of the change. The other things that are creeping in there is Singapore going from 0% to 5%. and Ireland adopting Pillar Two, going to 15%. I think 2025, the. big one is, will Singapore adopt and in what form and in what offsets they provide when they do adopt that. So that remains to be seen. We are closely watching that. And as that plays out, we will provide more commentary when that happens.
Derik De Bruin: One final one, if I may. Wyatt was a great deal. Nice fit in. Your leverage is down. I would expect you to potentially restart the buyback program. Could you just sort of talk about what other technologies you could potentially be thinking about in terms of how to augment. I’m just sort of curious in terms of what your capital appointment outlay is.
Udit Batra: Derik, fantastic question. our goal in bioanalytical characterization is to make it as simple as it is in small molecules. The QA/QC environment for large molecules in cell and gene therapy should become just as simple. And to do that, you need to take some high end technologies, simplify them, move them into downstream applications, so they’re simple to use. LC is already there. Mass spec, the BioAccord has made great strides. Light scattering is ahead of mass spec. So it’s going to enter QA/QC sooner. And there are a couple of other technologies, like Raman, like cellular analysis, that also belong in the QA/QC and the process analytical testing domain. But all of this hinges on having a simple software that the regulators trust, like in power.
So, our single largest initiative with Wyatt after delivering our commercial results is to get Wyatt light scattering software onto Empower. And we will have a beta version of that by the end of the year. And I think that’s the primary requirement for QA/QC in large molecules to become like small. So stay tuned, really exciting area. And we’re investing in the future while we are navigating the present really, really carefully.
Caspar Tudor: Thank you very much. That concludes our Q&A session. I’d now like to turn the call back over to Udit to deliver our closing remarks.
Udit Batra: Thank you, Caspar. Thank you, Amol. Thank you, everyone, for listening. 2023 has been an unprecedented and challenging year. We’ve navigated extremely well. As you look at our results outside of China, every end market, every geography grew, which is unusual in this environment amongst our peer group as well. And what is even more pleasing is our focus on cost management. So, really, 70 basis points of margin expansion in the year where the top line went down dramatically is quite an achievement. And we’ve done that while setting ourselves up very well for the future. We expect the long term growth of our business to be very much intact and accelerate based on what Amol and I described to you. So thank you, again, for your interest and your attention.
Operator: Thank you. That concludes today’s conference. You may all disconnect at this time.