Operator: And our next question comes from a of Shannon Cross from Credit Suisse.
Shannon Cross: I’m wondering about just balance sheet cash requirements. As you’re shifting, obviously, your model on the financing side, but also as the business itself changes more to solutions and services, how should we think about what level of inventory over time? Because I would assume this will maybe become a little bit more of an inventory-light model as you move more away from just equipment? And then also just in terms of core cash needed to run the business because I’m trying to figure out what your excess cash is as you think about where maybe you’re going to be exiting 20 — I guess, €˜23, we’re already in €˜23?
Xavier Heiss: Shannon, let’s go back, so I just provided some articulation. So I will maybe repeat or clarify some of the points here. So you have — you can look at our guidance for free cash flow for next year in 2 ways, I would say, business without FITTLE and the business with FITTLE. So business without FITTLE, as we mentioned it, 2022 was an anomaly in the way free cash flow came, specifically due to the margin pressure and the erosion of margin, specifically during the first half of the year. Now if you look at the normalized on what we have put and guided for normalized free cash flow without FITTLE for next year, you can count on around 90% to 100% of adjusted operating profit. This is a number between $300 million to $330 million. The second part…
Shannon Cross: Xavier, I wasn’t asking about cash flow. I was asking about actual cash. So just to be clear, so I understand the cash flow. I’m just saying what kind of — what level of cash do you need to run the business? And then just off of your balance sheet because, obviously, you have to pay down some debt right now. But I’m wondering, like, if I think about your company right now, if you generate the $500 million in free cash flow next year, where do you think you need to be in terms of total cash coming out of the €˜23? So that will give us an idea of what excess cash you might use to deploy elsewhere.
Xavier Heiss: Yes. So we have been — if your question is related to, I’d say, to capital allocation and what we do with cash here, so the priority is quite simple, and we did not change it, by the way. 50% of free cash flow is returned to shareholders. The first part will be by a dividend. As you know this, we have maintained our dividend and even during COVID-19 period. So we keep our $1 dividend, and this will be one of the driver on the way to drive the cash — and to bring the cash back to shareholders. So if you take 50% out of $500 million, you are at $250 million. So dividend is in the range of $140 million, $150 million. The way the cash will come and the free cash flow will come during the year will be related to this funding, and if not with FITTLE, it will be progressing.
So we will provide a comment or more information during the next quarter earnings on how we will potentially use and the return of this cash between shareholders and also we will invest for the business and in order to support what Steve just described before, the investment or the strategies that we have on high yield, low — I would say, low time of return that we will have on a product like digital services, but also all the automation offerings and the workflow automation that we are pushing to customers.
