Doron Arazi: So I think, first of all, it’s good that you are trying to look at it from a longer period because a single quarter can change dramatically. Just an order from India that was delayed from 25th of March to, I don’t know, 10th of April could make a big change for us. And when we look back, we saw quarters where Q1 was very strong and we saw quarters where Q1 was weaker and Q2 was much more significant. But all-in-all, based on our current expectations, we believe that we’ll be able to see a book-to-bill ratio that is above 1. And my recommendation is to continue or to start getting used to a 12 month or 12 trailing month trajectory because we believe it’s a better measurement for our business.
Alex Henderson: Okay. Two more questions on the income statement, which are kind of tough for us to look at externally. It does sound like you had some FX in the December quarter. So what are you thinking here in the March quarter and for the year on the interest income and other expense line? Is it going to be pretty much at the levels that it was at in 2022 or down here because FX is a little bit of less of a headwind? Can you just give any guidance on that?
Ronen Stein: So interest expense has increased. And for now, it continues to be in the same level as in Q4. On the other hand, ForEx fluctuations are very difficult to predict. We are trying to hedge and to minimize that, but it could fluctuate between quarters.
Alex Henderson: So assume no for FX, what would the number look like because we can’t — we have to assume flat exchange rates?
Ronen Stein: So assuming flat exchange rates, the financial expenses should be reduced.
Alex Henderson: But something is 7.5 to 8 range, kind of thing.
Doron Arazi: Yes, more or less.
Alex Henderson: And then the tax line, any guidance on that, did $1.2 million in ’22. Any thoughts on ’23 tax line?
Ronen Stein: I think that the trajectory of the tax is not so, I would say, significant as compared to what you saw in the last year.
Alex Henderson: I’m not sure I understand. So you’re saying it will be similar to the $1.68 billion or below it?
Ronen Stein: No, not below. It could be a little bit higher according to the increase in the profit, but not significant.
Alex Henderson: Right, okay. So maybe 1.5 kind of thing in the tax line. As we look at 2023, how do we think about — obviously, you said you’re going to be profitable, but what about on the cash flow side? Are we going to be able to generate enough cash to get back to a positive net cash position, bring down your debt and improve the balance sheet here in ’23? Or does that require us to go all the way out to ’24.
Ronen Stein: No, I believe that we are working very diligently on converting our improved profitability into cash.
Alex Henderson: I’m sure that’s the case. But do you think you can get to a net cash position as opposed to a net debt position over the course of 2023.
Ronen Stein: We don’t give guidance on that, but we hope for that. We’re working.
Alex Henderson: Great. And when I look at the U.S. operations, you’ve made a pretty big investment to go after the service market and even starting to go after government and enterprise markets. That’s a new initiative for you. It sounds like that’s running a little bit ahead of target. Obviously, there was some costs associated with setting that invested ahead of revenues. Can you give us an update on where that’s going?
