Craig Kesler: Yes, Jerry. Look, I would say the acquisitions that we’ve made over the last decade or so and the improvements that we’ve continued to make in the network, whether that’s from a distribution perspective or just operating efficiencies, I think we actually have a lower cost system today than where we were in prior cycles, in many different ways, again, logistically and operationally. And at the end of the day, that’s what we can focus on, and that’s how we can improve margins.
Jerry Revich: And Craig, maybe just to cap in the pencil a little bit there. You spoke about the pricing actions you’ve taken, can you talk about just the level of inflation that you’re expecting in Cement, just to put into context for us the level of margin expansion that’s feasible in calendar 2023?
Craig Kesler: Yes. As we’ve been saying in the last couple of quarters, we do continue to see some inflation pressures still around cement energy prices and Cement that’s generally solid fuels and electricity. So we expect that to continue into fiscal 2024. Now the pricing that we have in place should more than offset that like we have done here in fiscal 2023. But I think we’ll continue to see some inflation around energy and cement.
Jerry Revich: Okay, super. And then around the volume cadence, to your point on whether your volumes were maybe five points lower sequentially than normal seasonality. As we look at the current run rate and running that through with normal seasonality in March and June, it does look like the business still has shipments that are down in the high single-digit range year-over-year. And I just want to make sure there aren’t any inventory moving pieces, etcetera that might skew where that cadence is shaking out just based on normal seasonality off of the past six months of performance?
Craig Kesler: Jerry, with one exception there, we’ve talked a lot about this Portland Cement product that we’ve begun producing and selling out of our facilities. I think you’ll continue to see that ramp up over this coming year, which should give us some incremental volume out of facilities. So you’re right, generally, the growth in sales volumes will be tough to come by, given that we’re continuing to be in sold-out conditions, but we do have one lever to pull around PLC that might be able to offset some of that.
Jerry Revich: Super, appreciate the discussion. Thanks.
Operator: The next question comes from Stanley Elliott with Stifel. Please go ahead.
Stanley Elliott: Hey good morning everybody. Thank you guys for the question. This past year, a lot of cement markets were on allocation. I mean, do you guys think we’re going to see a similar sort of dynamic in calendar 2023, and I know you mentioned being sold out but just curious kind of what you’re seeing high level there?
Michael R. Haack: Yes, it’s a great question and how the supply and demand is currently right now, I think we’re going to be going into this next year, very similar to last year, where we will be — our key is to keep our plants running and get as much out of each plant as we can because the demand is there. So there will probably be some allocations later in the year as long as this demand profile maintains, which we think is going to maintain this year.
Stanley Elliott: And could you talk a little bit about what’s happening or what you’re seeing in the M&A marketplace right now and maybe kind of the bias of pursuing some — an acquisition versus buying back your shares here at these levels?
