Tom Deitrich: And the way to unpack that, if I add one additional point of color is we’re — it’s fourth quarter definitely demonstrated the upside potential in terms of being able to turn that revenue. We got components very late in the quarter and the team really did an exceptional job of turning that customers are eager for the products and the technology that we provide. So as we get those components, we want to be in a position to turn them as quickly as we can. We do think, as Joan mentioned, that there will be a view of improving supply over the year with variations and some volatility in terms of timing, certainly in the first half of the year.
Operator: And our next question coming from the line of Jeff Osborne with Cowen.
Jeff Osborne: Just a couple of quick ones here. I was wondering, Joan, can you quantify what the semiconductor impact was for the quarter and the full year? Which one do you think…
Joan Hooper: Yes, I would say the fourth quarter was pretty similar to the prior quarters we experienced in 2022. So somewhere call it, $100 million or so a quarter, maybe slightly better than Q4. But exiting the year, we probably had about $400 million of revenue that was constrained because of the constraints.
Jeff Osborne: Got it. And then on the restructuring, just a couple of quick housekeeping there. The $14 million to $17 million, is the majority of that savings on the cost of goods line?
Joan Hooper: Yes. I’d say 80% or so is in the cost of good line.
Jeff Osborne: Got it. And then what was the outsourced production mix? And then what do you anticipate that to be sort of post these actions?
Tom Deitrich: We are probably running around 45%, maybe 50% quarter-to-quarter internal, external today. And I think this takes it up probably another 5% or so. So by the time we finish it off meaningfully above 50% in terms of the amount of outsourced production.
Jeff Osborne: Got it. And then my last one, Tom, was just on the book-to-bill. Obviously, a great Q4. You implied that Q1 would be a bit softer seasonally. Do you anticipate it to be above one for the year? Or how should we think about just the level of activity that you’re quoting?
Tom Deitrich: We do definitely think that the book-to-bill for the full year will be above 1:1 pipeline of opportunities remains very rich, very strong based on needs from our customers for resiliency and reliability as well as new technology applications, whether they be consumer side or EV and terms integration. So a rich set of opportunities and we’re bullish on what the year will bring in terms of bookings. That said, the only caution I would provide is it will be a little bit lumpy quarter-to-quarter just with normal seasonality as well as timing of individual contracts come through.
Operator: And our next question coming from the line of Chip Moore EF Hutton Group.
Chip Moore: So I wanted to ask one on the regulatory environment. It seems like more and more states are looking at performance-based mechanisms to meet their goals. Is that something you’re seeing with your customers for some of the more advanced solutions.
Tom Deitrich: Indeed, the regulatory environment continues to understand the need for new technology and new models the amount of states that allow some type of performance-based rates or capitalization is about — is nearly 40 out of the 50 right now and plenty of changes underneath each one of those along the way. So in general, the regulatory model is moving in the direction of enabling the technologies that we’ve been investing in.
Chip Moore: Great to hear. And Joan, you talked about the weighting in the back half on the guidance. Can you give us any color on sort of mix and perhaps cadence of implications for cadence of margins for the year?
