Matthew Pine: Yeah, I would just maybe just specific to utilities and wastewater, I think, is the proxy for the question. Just a reminder that 50% of our revenue is outside the U.S. and 75% of that is OpEx, which can be a little bit different in terms of the mix. We’re seeing continued resiliency in orders in developed markets leading the way with emerging markets kind of minus China, like I just said to Joe, contributing nicely. With regard to CapEx, I’d point to our treatment orders, which are up 6% in Q3. And we have a healthy funnel and pipeline up 8%. We have been reaching out to customers, kind of qualitatively a cross section of customers across the globe, and specifically in the U.S. They don’t really see a major funding shift in spending.
Plus the addition of stimulus money that’s going to trickle in over time, Andy, I think will also help kind of keep things stable. But in general, we haven’t we haven’t really kind of seen anything that’s alarming for us, it would be a watch item.
Patrick Decker : Andy, this is Patrick. Again, one thing I would offer to investors as you think about, I know we have some new entrants into the space. I think it’s important that our investors understand that we’ve got the broadest water platform that’s out there. And so I think drilling down into what percentage of our total revenue actually overlaps with some of our competitors that are out there is an important thing to pay attention to. The treatment bidding pipeline as Matthew alluded to, is the single most important indicator as the health of the utilities over time. And that continues to be up, I think, mid to high single digits. So that’s a reflection of what the underlying health of utilities are. And again, I just offer that as something for you all to focus on.
Andy Kaplowitz : Definitely appreciate that color guys. And then maybe I could ask you for a little bit more on what you are seeing in our applied water segment and specifically across your channel and channel inventory there. Can you give us color into sellout versus sell-in? Do you still see inventory is in balance? Do you see a period of slow orders for that segment where they just continue to be a bit lumpy?
Matthew Pine: Yeah. You know, Andy, within our applied water business, we don’t have a tremendous amount of stocking. Again, it’s if you kind of Resi commercial over the overall Xylem business, it’s only 10%, but a lot of our orders Andy or configure to order engineer to order, so therefore for a specific job. Yes, we have book and ship. It’s mainly in our Resi business and a little bit commercially and a lot of that has kind of worked itself out. If you look at our compares on the Resi business, which makes up 3% of our business, we’re up on a year-over-year basis and we’ve kind of hit the bottom when we’re coming out of the downturn on Resi. But again, it’s a small part of our portfolio.
Andy Kaplowitz : I appreciate the color guys. Congrats again.
Matthew Pine: Thanks Andy.
Patrick Decker : Thank you.
Operator: This concludes the Q&A portion of today’s call. I would now like to turn the floor over to Patrick Decker for closing remarks.
Patrick Decker : Well, thank you all. I mean it’s been a great privilege to work with such an extraordinary set of colleagues and partners over the past nearly 10 years. I couldn’t be more proud of where we are today and I’m looking forward to seeing all that Matthew, Bill and the team are going to do is they take Xylem into its next chapter. The work has never been more important as to what Xylem is doing and this company has never been better positioned to make a difference, as we’re committed to doing with our customers and communities around the world. Again, I want to thank you everyone and all the very best to you and your families.
Operator: Thank you. This concludes today’s Xylem third quarter 2023 earnings conference call. Please disconnect your line at this time and have a wonderful day.
