Matthew Bouley: Good morning, everyone. Thank you for taking the questions. I wanted to stick to the margin side. That encouraging comment you made around, kind of, committing to that 28% to 29% margin. I just wanted to press on that a little bit. Was that a comment to say thinking about calendar €˜23 or fiscal €˜24 for you guys? In a scenario where demand is lower, which seems to be what you’re alluding to into calendar €˜23 that you could still sort of keep margins flat year-over-year? And if that’s the case, is that basically reflecting both the cost containment actions, as well as deflation or just any, kind of, parameters around that and just how you guys are thinking about sort of the calendar €˜23 given all that?
Scott Cottrill: Matt, it’s Scott here. Yes, we’re trying really to be very careful and not give guidance for next year yet. But you’re absolutely spot on. When we think about the 28%, 29%, it is that point estimate at the end of fiscal year €˜25, as we talked about back at the Investor Day, in March. That being said, the midpoint of our guidance for this year, the new guidance range we’re out there is 29%. And as you look through kind of the cost-out actions, our price cost dynamics mix of portfolio and product. Basically, we see line of sight here over the next two years to get there. Do we expect a significant degradation in margins and then a large recovery to get there, no. So that’s the way I would kind of guide you in how to think about it.
We don’t see that. It’s more of kind of that — it might be a little saw to quarter-by-quarter as you go, but it will be a march from where we are today to kind of keep it in that 28% to 29% margin. But that’s what we have line of sight to today.
Operator: Thank you. The next question comes from the line of Garik Shmois from Loop Capital. Please go ahead. Your line is now open.
Garik Shmois: Hi, thanks. I wanted to ask just — I think there was a comment around January. I think there’s 1 comment that was made with respect to sentiment improving here. But then on the other hand, your shipments are still reflecting kind of a weakening demand environment. So I’m just kind of curious I know it’s just 1 month, but is this more on the residential side, the improved sentiment? Or just maybe if you can expand on that observation a little bit more.
Scott Barbour: Okay. I’ll give it a shot. This is Scott B. December was bad. January came in largely as we expected not as bad as December, kind of a year-over-year thing. But I wouldn’t say sentiment has changed for the — in some dramatic turn or anything like that. I think sentiment remains a little cautious and pace remains muted of orders versus prior year. That said, we’re still quite busy quoting and pursuing jobs. I mean, things haven’t like nothing is coming to a standstill, I guess, that’s what I was trying to indicate there that we remain at very good levels of quoting. It just seems that even when they turn into an order, it take you much longer for that order to get released for shipments, which is some of that uncertainty, we — you feel in us around that.
Garik Shmois: Got it. Got it. Helpful.
