Steven Ramsey: Okay. Helpful. And then a quick follow-on to that. Does the recent CapEx announcement, I assume this doesn’t maybe help the near term, but does it help you gain share in new construction more than repair and remodel?
Scott Culbreth: It will benefit both channels because that platform services both the new construction and repair and model.
Steven Ramsey: Okay. Helpful. And then last one for me on the 2023 guidance following a very strong first half. How much for the second half does this reflect just purely lower volumes or is pricing coming through more slowly? Anything to add there?
Scott Culbreth: Yeah. Our outlook is really about volumes. It’s not a pricing conversation. We don’t anticipate any price rollbacks in fiscal year ’23, but we do see the units slowing.
Steven Ramsey: Great. Thank you.
Operator: And the next question is from Julio Romero with Sidoti & Company. Please go ahead.
Julio Romero: Thanks. Hey. Good morning. So on that last question about the guidance. It sounds like the change to the revenue guide, no change to the price, but it implies somewhat sharper expected slowdown in 4Q volumes. Is that largely led by what you’re hearing on the builder side and what you expect from new construction units or has there been a worsening in-demand trends on the MTO side relative to three months ago?
Scott Culbreth: Yeah. It was primarily a function of new construction as we’ve looked at the last 90 days to start data, which you see as well. It certainly implies that five to six months out from now is when we’ll see some of those impacts roll through our business. So we’re expecting a softer Q4 in new construction.
Julio Romero: Got it. Makes sense. And I guess, just if you could talk about inventory where you are with regards to normalizing the inventory levels and what you’re targeting either from a stays on hand or an inventory turns basis?
Paul Joachimczyk: Yeah. Julio, with our inventory position, we’re still elevated from where we want to be as an organization. Some of that still has, I’ll call it, the leftover effects of cover of having just-in-case inventory. We are definitely shifting to more, what I’ll call, just back in just in time as supply chains are starting to improve. We are going to target inventory reduction, obviously, tied to the lower sales that are there as well, but just even from a working capital perspective of the organization. As part of our kind of our investor presentation, we’ll get a little bit more color of what that working capital will look like. But right now, we’re not giving a target or guidance for the rest of the year.
Julio Romero: Okay. Great. Thanks very much for taking the questions.
Scott Culbreth: Yeah. Thanks.
Operator: the next question comes from Joe Ahlersmeyer with Deutsche Bank. Please go ahead.
Joseph Ahlersmeyer: Hey, guys. Thanks for taking the questions.
Scott Culbreth: Hey. Good morning.
Paul Joachimczyk: Good morning, Joe.
Joseph Ahlersmeyer: Good morning. You just mentioned not expecting price rollbacks. There was some commentary earlier in earnings season from larger builders about negotiating cost reductions on starts going forward. Just wondering if that’s something that you’ve been hearing or seeing? And if not, maybe why your business or your category is not subject to that?
Paul Joachimczyk: We’ve not seen that specifically, Joe. We’ve had a couple of builders ask about some price reductions, but we go back to the indices. And again, the indices are not indicating that we’re at a point in time where there be a reason for a price reduction.
