Mike Higgins: we’ve talked to many of you guys here recently, and it’s clear that there was accelerated demand from the, kind of, reopening of the economy from COVID that, kind of, accelerated demand has clearly come off and so the analogy we’ve been using is we’ve been running at kind of 20 miles an hour over the speed limit. It’s clear that demand has come back closer to that speed limit where that uncertainty still is there and maybe, kind of, creeping up is, does it stay — the pace of activity stay, kind of, at the speed limit? Or does it drop somewhere below it. And I think that’s kind of the easiest analogy maybe to frame or put context around it of kind of what we’re seeing and then how we see that moving forward. So hopefully, that helps.
Garik Shmois: No, it does. I wanted to just follow-up just on the decremental margin comment. The 25% expected versus a more normal 35%. Just recognizing some of the cost outs that you’re highlighting today, the price cost is still remaining positive. Just kind of curious as to how sustainable this 25% decremental margin might be when you look out. I know we’re not in formal fiscal €˜24, but to the extent you could speak to this new decremental margin.
Scott Cottrill: Yes. Normally, what we’ll say is that from a decremental margin perspective, take kind of your incremental margin assumption, use it on the way down as well with obviously adjusting because of price cost or any other dynamic that you need to. So I think right now, as we look at Q4 and we look at that decremental margin, you’ve got continued favorability price/cost. We still have inflationary cost pressures coming through on the manufacturing and transportation side of the house, and we’ll continue to deal with that as we round the corner into fiscal year €˜24. So again, Garik, the way I’d say it is I would use your incremental margin and then based on your assumption around price cost, adjust that. So that’s how we look at it.
Garik Shmois: Great. And then just last question. Just curious on the slide deck that you talked about the Dodge Start outlook across several different non-residential categories, the commercial institutional and manufacturing side of manufacturing, obviously, looking to be a lot weaker than the other two. Just wondering if you could maybe talk about your mix across those three categories as it stands right now and where you see some opportunities to perhaps outperform the broader Dodge data?
Mike Higgins: Yes. Garik, Mike Higgins again. So I would say our sales today are weighted heavier towards that commercial and institutional categories. I would — in the manufacturing, even though that’s down 43%, that’s really due to kind of lack of some large petrochemical type facilities that started this year that don’t repeat next year. But with that said, I would say we see opportunity in that manufacturing. That’s Scott made the comments on the earnings call, that’s where you see a lot of activity. Clearly, chips and EV and batteries get all the headlines, but we’ve seen a lot of activity projects starting to ship around other manufacturing and industrial type construction and plants. So automotive, food processing, PP&E, in addition to those things like chips, EV batteries, et cetera.
But then the other comment I would make, those dollars are a bit kind of, I guess, offset by the kind of inflation that’s rippled through all kind of construction and building products, kind of, square footage next year is expected to be down, kind of, low double-digits. So that puts a little context. And that would be in that commercial and institutional where that kind of dollar volume looks relatively flat on a square footage basis, it’s actually down kind of low double digits.
Garik Shmois: Got it. Alright, thanks again. And best of luck.
Operator: Thank you. The next question today is a follow-up question from Matthew Bouley from Barclays. Please go ahead. Your line is now open.
